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Vertu bank deal to facilitate further acquisitions

Reports coming out of the North West this week suggest that Vertu Motors has concluded a major refinance package with Barclays.

Vertu, which operates 95 sales and aftersales outlets, has snapped up a string of dealers in recent months, including January's deal to buy a Vauxhall outlet in Keighley previously operated by Walter C Brigg.

Michael Sherwin, Vertu financial director, said: "Barclays have been very supportive of our requirements and play an integral part in our plans for future growth.

“It's been a busy and exciting year for the group and the new finance package will support further acquisitions as we continue to execute our growth strategy.

“Our order book for March is already stronger than this time last year and we will continue to assess further acquisition opportunities as we pursue our objective of developing a scaled business in the automotive retail sector.”

Vertu expects turnover to exceed £1.2bn in the year to February 2013.



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Comments

  • iceage - 21/03/2013 13:46

    The groups continue to get larger

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  • jimbob - 21/03/2013 16:03

    The money will more likely help prop up the loss making dealerships they have - which are plenty!

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