Vertu buys Dunfermline
September 10th, 2010 by Richard Aucock
VERTU Motors continues its expansion drive with the acquisition of trade and assets from Hardie Motor.
It has acquired leasehold property for Dunfermline Peugeot and is expected to pay a £300k consideration for vehicle stock.
Unaudited accounts show it was a £3.5m turnover business for year-end 2009, and made a small profit. It is also expected to instantly start bolstering Vertu profits.
Vertu plc is acquiring Dunfermline using cash from existing resources; CEO Robert Forrester reckons the Peugeot brand is one set for good times ahead.
‘This new Peugeot dealership is excellently located, and adds to our brand’s presence in Scotland following our purchase of Paisley Peugeot in April.
‘The new business will trade as Macklin Motors, and represents our seventh sales outlet to be purchased in Scotland during 2010.
‘In addition, we will shortly be rebranding the Dunfermline Auto Centre business purchased in January 2010 to the Macklin Motors name.’
Dunfermline makes it 8 Peugeot dealers for Vertu, which now has an impressive 69 car dealer outlets.
‘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.’