Vertu buys SEAT Derby
July 28th, 2010 by Richard Aucock
VERTU Motors has exchanged contracts to take on SEAT’s Derby car dealer through a trade and assets purchase.
The leasehold car dealer is being bought from GK Group Ltd, for a sum not exceeding £750k.
This consideration mainly represents vehicle stock, and the deal is expected to be complete by 2 August.
It will complement Vertu’s existing Bristol Street Motors outlets in Derby, Nottingham, Leicester and Burton.
Vertu CEO Robert Forrester said: ‘This new dealership in Derby is excellently located and adds to our brand’s presence in the region.
We are delighted to expand further with SEAT, which we believe is very well positioned with its exciting and expanding product range.
‘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.’
Taking on SEAT Derby, he said, adds to this.
Accounts show the car dealer had turnover last year of £7.7m, and made a pre-tax loss of £28,000 (that’s why no goodwill is payable). Despite this, Vertu is confident it will be making money in the first full year of ownership.
Tags: berby, bristol street motors, Seat, vertu