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Vertu remains confident about financial results

Vertu Motors has said it is on track to deliver its strategic business goals, in its first trading statement today.

Robert Forrester, Vertu chief executive, said it was important for the company to have a good trading month in September as the company’s financial results in February 2007, will miss out on the March plate change.

However, Forrester remained confident: “With the integration of the acquired businesses progressing well, the board remains confident about the group’s prospects for the current financial year.”

Forrester also said the company would be disposing £12 million worth of surplus properties in order to reduce debt and fund more acquisitions.

Vertu acquired Bristol Street Motors in March and now operates 46 dealerships in the UK.

Forrester said costs savings had been achieved through the closure of the former head offices of Bristol Street Motors and Vertu’s other big acquisition this year, Blake Holdings. The company’s head quarters are now located in Newcastle upon Tyne.

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