Vertu Motors PLC Motorcycle Acquisition (8738E)
01 Novembre 2022 - 8:00AM
UK Regulatory
TIDMVTU
RNS Number : 8738E
Vertu Motors PLC
01 November 2022
1 November 2022
Vertu Motors plc ("Vertu Motors" or "Company")
Motorcycle Acquisition
Vertu expands its partnership further with BMW Group to become
the largest BMW Motorrad motorcycle retailer in the UK
Vertu Motors, the UK Automotive retailer with a network of 164
sales and aftersales outlets across the UK and a sector leading
online presence, is pleased to announce that on 31 October 2022 it
has acquired the business and assets of two BMW Motorrad outlets in
Yorkshire (together the "Business").
The Business has been acquired from Saltaire Motor Company
Limited, which trades as Allan Jefferies. Allan Jefferies has been
trading as a family-run business, spanning four generations over
120 years, since 1901 and has represented the BMW brand since 1971.
The outlets purchased are located in Shipley, near Bradford, and
Rotherham. The Business will be rebranded to trade under the Vertu
brand from the outset and will become part of the Vertu Motorcycles
division, which will operate six motorcycle outlets across Motorrad
and Honda.
For the year ended 29 September 2021, the Business achieved
revenue of GBP20.5m and an operating profit of GBP463,000. Total
consideration is estimated at GBP4.2m, subject to finalisation of
completion accounts. The consideration includes a freehold property
value of GBP1.85m and a payment in respect of goodwill of GBP0.5m.
This consideration will be paid from the Group's existing cash
resources. Due to the seasonality of motorcycle sales, the Business
is expected to contribute a small loss for the remaining four
months of the financial year and is expected to be earnings
enhancing in its first full year of ownership.
BMW Motorrad is the motorcycles brand of BMW Group. In the full
year 2021, it was the UK market leader in the 'big bikes' category
with a 16.6% market share. Vertu currently operates one Motorrad
outlet in Sunderland which it acquired in 2020; adding the acquired
two further outlets will make Vertu the largest partner in the UK
for BMW Motorrad.
Robert Forrester, CEO of Vertu Motors, commented: "Our business
is performing strongly and the addition of two further BMW Motorrad
outlets will be accretive both financially and strategically to the
Group. Vertu becomes the largest partner in the UK for BMW
Motorrad."
Paulo Alves, Head of BMW Motorrad UK and Ireland, commented: "We
are delighted to support the acquisition of the excellent Allan
Jefferies business in Yorkshire by Vertu. The Jefferies family have
built a fantastic operation and we are confident that the business
will be in good hands. As a leading brand, our customers take
priority and we share this philosophy with Vertu. We welcome them
as our largest partner in the UK."
ENDS
Vertu Motors plc
Robert Forrester, CEO Tel: 0191 491 2121
Karen Anderson, CFO Tel: 0191 491 2121
Zeus Capital Limited
Jamie Peel Tel: 020 3829 5000
Andrew Jones
Dominic King
Camarco
Billy Clegg Tel: 020 3757 4983
Tom Huddart
Notes to Editors
Vertu Motors is the fourth largest automotive retailer in the UK
with a network of 164 sales outlets across the UK. Its dealerships
operate predominantly under the Bristol Street Motors, Vertu,
Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy
to consolidate the UK motor retail sector. It is intended that the
Group will continue to acquire motor retail operations to grow a
scaled dealership group. The Group's acquisition strategy is
supplemented by a focused organic growth strategy to drive
operational efficiencies through its national dealership network.
The Group currently operates 160 franchised sales outlets and 4
non-franchised sales operations from 123 locations across the
UK.
Vertu's Mission Statement is to "deliver an outstanding customer
motoring experience through honesty and trust".
Vertu Motors Group websites - https://investors.vertumotors.com/
/ www.vertucareers.com
Vertu brand websites - www.vertumotors.com /
www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com
/ www.macklinmotors.co.uk / www.vertumotorcyles.com
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END
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