Vertu Glasgow deal
June 11th, 2010 by Richard Aucock
VERTU has acquired Ford and Mazda dealers in Scotland through the purchase of Shields Automobiles assets.
The purchase of the dual car dealers in Glasgow and Hamilton is expected to take place on 30 June.
The properties will be leasehold, with maximum consideration payable of £2.5m and this will be settled in cash from existing resources. No goodwill is payable in the acquisition.
It sees the UK’s 9th largest car dealer group continue its 2010 expansion into Scotland. Both will be rebranded Macklin Motors, which is the Group’s brand established this year for current and future dealership acquisitions in Scotland.
Vertu now has 64 car dealers, including 19 Ford and 4 Mazda outlets.
Robert Forrester, CEO of Vertu Motors said: ‘This demonstrates continued delivery of our strategy to grow a scaled motor retail group across the country in targeted regions.
‘We are excited by the opportunities this acquisition brings with our manufacturer partners, Ford and Mazda and both dealerships are in prime retail locations representing an excellent geographic fit with the Group’s existing Scottish dealerships.
‘We will now have six sales outlets in Scotland and we look forward to continuing to grow the Macklin Motors brand.’
Tags: Ford, macklin motors, mazda, scotland, vertu