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Vertu Motors acquires Darlington dealership

Vertu Motors has acquired a Renault and Seat dealership in Darlington through the purchase of the entire share capital of Typocar Ltd, trading as David Penman Cars.

Vertu paid £700,000 for the business plus £400,000 of debt repaid on acquisition.

The purchase includes freehold property valued at £800,000m. Completion took place on December 7, 2009.

Vertu said it funded the deal from its existing cash resources.

The acquisition of the Renault dealership brings the total number of Renault dealerships operated by the group to three and also brings the Seat franchise to the group for the first time.

The dealership will be rebranded Bristol Street Motors. The group now operates six dealerships in the north east of England and 58 sales outlets in total.

Robert Forrester, CEO of Vertu Motors said: “This acquisition in the north east of England strengthens the regional presence of the Bristol Street Motors brand.

“We are very pleased to strengthen our relationship with Renault who we see very much as a key strategic partner going forward and also to commence a relationship with Seat (UK). This is our first partnership with a Volkswagen Group franchise and we see this as an important development and milestone.”

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