Vertu Motors has expanded its dealership network in West Yorkshire with the acquisition of its first outlet in Halifax.
The group has acquired the trade and certain assets of the Nissan dealership from Lightcliffe; a fully owned subsidiary of Clare James Automotive.
It comes less than a month after Clare James Automotive sold its Lightcliffe Honda dealership in Southport to Cox Motor Group, and means CJA no longer represents Nissan. Its scale partners now are Volkswagen (4 sites), Skoda (3 sites) and Honda (2 sites).
Total consideration is estimated at £0.3million and will be settled in cash from Vertu'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 December 13, 2013, the management accounts of the acquired business showed revenue of £13.1million 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 March 1, 2016.
The acquisition brings the group’s total sales and aftersales outlets to 115 across the UK.
Vertu chief executive Robert Forrester (pictured) 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 the area 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.”
sgcb - 04/12/2014 16:45
very strange.Accounts overdue at companies house,yet previous years show it as a business that was doing well.either creative accounting or sell while you can to save the sinking ship.