Vertu Motors plc has expanded its dealership network in West Yorkshire with the acquisition of its first outlet in Halifax.
Bristol Street Motors Nissan Halifax will complement the Group's growing presence in Yorkshire, especially the existing Nissan operation in Bradford. The Group now operates 14 outlets in Yorkshire. The team will build on the excellent customer service and satisfaction the dealership is known for and also benefit from being part of a large Group with the expertise and resources this offers.
Vertu Motors plc has acquired the trade and certain assets of the Nissan dealership from Lightcliffe Limited ("Lightcliffe"), a fully owned subsidiary of Clare James Automotive Limited.
Total consideration is estimated at £0.3m and will be settled in cash from the Group's existing resources. No goodwill is payable on this transaction. The assets acquired include a short term leasehold property and working capital.
For the year ended 31 December 2013, the management accounts of the acquired business showed revenue of £13.1m and a break-even operating result. The dealership is expected to be earnings neutral in the first full year of ownership and earnings enhancing in the financial year starting 1 March 2016.
This transaction increases the Group's representation with Nissan to 10 outlets consolidating the Group's position as one of Nissan's major UK partners. The Group now operates a total of 115 sales and Aftersales outlets across the UK.
Robert Forrester CEO of Vertu said: "We are delighted to announce the expansion of both our Nissan representation and the growth of our business in Yorkshire, which fits in very well with our local Bradford operation. It is a strategic objective of the Group to grow in scale in Yorkshire and there will be synergies across the business.
"It will be business as usual and experienced Regional Director Steve Gould and his team will ready to welcome new and existing customers to Bristol Street Motors Nissan Halifax."
by: Becca Chaplin