REG - Vertu Motors PLC - Acquisition

Vertu MotorsAnnouncement

01/07/2022 07:45

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RNS Number : 9848Q  Vertu Motors PLC  01 July 2022

1 July 2022

Vertu Motors plc ("Vertu Motors" or the "Group")

Acquisition of ancillary e-commerce business Wiper Blades Ltd

Vertu Motors, the UK automotive retailer with a network of 160 sales and
aftersales outlets, is pleased to announce the acquisition of Wiper Blades
Limited, a leading e-commerce business specialising in the on-line sale of car
wiper blades and other associated products through operating websites. This
acquisition is in line with the stated strategy of the Group to develop
ancillary businesses to add revenue and profit streams that complement the
core business and is further adding digital capabilities and reach. Wiper
Blades Limited complements the Powerbulbs.com business the Group bought in
June 2021.  These businesses are complementary additions to the successful
Aceparts e-commerce business that the Group acquired in 2015.

The share capital of Wiper Blades Limited, which was formed in 2005, was
acquired for a cash consideration of £3.5m, which includes £1.1m of cash,
subject to finalising the completion accounts. Consideration includes a
payment in respect of goodwill of £2.4m.

For the year ended 31 August 2021, the business achieved revenues of £2.2m
and an unaudited profit before tax of £0.5m. The acquisition is expected to
be earnings enhancing in the current year.

Robert Forrester, Chief Executive of Vertu Motors said:

"Our e-commerce parts business is performing strongly and the addition of
Wiper Blades will be accretive both financially and strategically to that part
of the Group. The acquisition is in line with our strategy to develop
ancillary businesses which complement the core business and enrich our digital
capabilities to continue to provide technology leading edge service to our
customers."

 

For further information please contact:

 

 Vertu Motors plc        Tel: 0191 491 2121

Robert Forrester, CEO

Karen Anderson, CFO
 Zeus Capital Limited    Tel: 020 3829 5000

Jamie Peel

 Andrew Jones

 Dominic King
 Camarco                 Tel: 020 3757 4983

 Billy Clegg

 Tom Huddart

 

Notes to Editors

Vertu Motors is the fifth largest automotive retailer in the UK with a network
of 160 sales outlets across the UK. Its dealerships operate predominantly
under the Bristol Street Motors, Vertu and 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 156 franchised sales outlets and 4
non-franchised sales operations from 121 locations across the UK.

Vertu's Mission Statement is to "deliver an outstanding customer motoring
experience through honesty and trust".

Vertu Motors Group websites - investors.vertumotors.com / www.vertucareers.com

Vertu brand websites - www.vertumotors.com / www.bristolstreet.co.uk /
www.macklinmotors.co.uk / www.vertumotorcycles.com

 

 

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