Top 10 AM100 group Vertu Motors has exchanged contracts to acquire a Seat dealership in Derby from GK Group.
The property is leasehold and Vertu will pay approximately £750,000. Completion is expected to take place on August 2.
In the year ended December 31, 2009, the unaudited management accounts of the Derby Seat business showed turnover of £7.7 million and a pre-tax loss of £28,000. The Vertu board anticipates the acquisition will be “earnings enhancing” in the first full year of ownership.
This acquisition is the second Seat dealership to be added to the group’s portfolio and will bring the total number of sales outlets in operation to 67.
Robert Forrester, chief executive officer of Vertu Motors, said: ”Bristol Street Motors is already represented in the East Midlands in Derby, Nottingham, Leicester and Burton. This new dealership in Derby is excellently located and adds to our brand’s presence in the region.
“We are delighted to expand further with Seat, which we believe is very well positioned. The Group has made a substantial number of acquisitions in the last year which have been integrated into the Vertu Motors management and systems platform and are on track to provide a significant boost to the group’s long term profitability. The acquisition we announce today adds to our continued development.”