Vertu Motors has acquired the business and certain assets of the Vauxhall dealership in Harrogate, Yorkshire, from Nidd Vale Motors, which is in administration, for £0.8 million. No goodwill has been paid.
Vertu has entered into a short-term lease in Leeds Road, premises currently occupied by Nidd Vale. And the group is planning to relocate the Vauxhall business to a new dealership development in Knaresborough, an established motor retail location five miles from the existing site, within the next 12 months. Vertu now has 12 Vauxhall dealerships.
For the year ended June 30, 2012 the draft management accounts of the Harrogate business, which include non-Vauxhall income, showed a turnover of £24.2m and an operating loss of £0.7m.
Robert Forrester, CEO of Vertu, said: "Following the acquisition of the Bradford Nissan and Renault dealerships in September, we are keen to develop the scale of its operations in Yorkshire.
"Nidd Vale has in the past been a very strong Vauxhall dealer with a substantial customer base. This acquisition represents a great opportunity for the group to develop its relationship with Vauxhall and to represent the Vauxhall brand in this area."
> Nidd Vale goes into administration (Dec 5, 2012)