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Vertu 'trading in line with expectations' as completes sale and leaseback deal on Jaguar Land Rover dealership

Robert Forrester

Vertu Motors says it has traded ‘in line with expectations’ in the weeks since its market statement in July at its annual meeting.

Yesterday the dealer group disposed of its freehold Jaguar Land Rover dealership property in Leeds to a client of Aberdeen Standard Investments, and entered into a sale and leaseback agreement for 15 years on the property.

The consideration for the sale of the property, settled in cash, was £14 million. Its book value was £10m.

The dealer group's chief executive officer Robert Forrester (pictured) said: "Our trading continues as expected.

“The sale and leaseback transaction realises a significant gain on a flagship dealership property and releases additional funds for investment in growth opportunities.  

“We continue to ensure efficient allocation of capital through the share buy-back programme and strategic management of our property portfolio, which was stated at £182m in the group balance sheet at February 28, realising value where it is appropriate to do so."   

Vertu will announce its results for the six months to August 31 on October 11.

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