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Bank lifts stake in Vertu

Lloyds TSB Group has lifted its stake in Vertu Motors to 4.66%.

The bank purchased 1.45 million shares taking it to 4.28 million, up from 2.83 million.

The announcement comes just a five days after Vertu asked its shareholders to approve its plan to buy back 10% of its own shares.

Vertu’s directors want to enhance its earnings per share through the buy-back, which will reduce the number of remaining shares in circulation.

Vertu’s financial results will be announced on May 14.

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