Vertu Motors is considering its options to raise capital ahead of further likely acquisitions of dealerships in the premium and mainstream market segments.
Its statement to the London Stock Exchange said: “The board has identified a number of near term acquisitions comprising both premium and volume dealerships which would, if completed, augment existing franchises in key geographies and also add a new manufacturer partner.”
“In order to finance such opportunities and the group’s on-going growth strategy, the board is considering options to raise further capital for the group, including a potential equity issue and a review of its borrowing facilities with a view to introducing property backed, fixed interest, long-term debt.”
The car dealer group’s most recent activity has included takeovers of Audi and Mercedes-Benz dealerships, which boosted its franchise portfolio to representation of 23 car brands.
Vertu also recently appointed Tim Tozer to head one division operating its Fiat Group, Hyundai, Mazda and Peugeot outlets and Malcolm Chambers to head its division operating Audi, Mercedes-Benz, Volkswagen and Volvo dealerships.
Carmakers which don’t currently have partnerships with Vertu include BMW/Mini, Kia, Lexus, Mitsubishi, Suzuki and Toyota.