REG - Vertu Motors PLC - Completion of the acquisition of Helston Garages

Vertu MotorsAnnouncement

19/12/2022 07:00

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RNS Number : 0806K  Vertu Motors PLC  19 December 2022

19 December 2022

 

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

Completion of the acquisition of Helston Garages Group Limited

Vertu Motors plc, a leading UK automotive retail Group, is pleased to announce
that further to the announcement on 8 December 2022 and having now received
FCA approval, it has completed the acquisition of Helston Garages Group
Limited ('Helston').  Helston is a predominantly premium manufacturer
automotive retail group based in the South West of England (the
'Acquisition'). Vertu has acquired 28 franchised sales outlets, adding
significant scale and geographic coverage to the Group's existing footprint of
160 franchised outlets.  Consideration of £117m, net of anticipated cash and
cash equivalents of £65m, has been financed through a combination of
re-negotiated and new debt facilities.

The acquisition of Helston, which is anticipated to be double digit EPS
enhancing in the year to 28 February 2024, is a continuation of the long-term
strategy of the Group to drive scale, expand into new and attractive regions
and introduce new Manufacturer Partners.  Helston radically enhances the
Group's scale and reach into the South West of England.  Following the
acquisition, Vertu will have 32 sales outlets in the region, up from the
current four.  The Group will also welcome Ferrari and Volvo as new
Manufacturer partners.

 

Robert Forrester, Chief Executive Officer of Vertu Motors, said:

"We are delighted that Vertu Motors has completed its acquisition of Helston
and 28 sales outlets, further evidence of the execution of our long-term
strategy to build scale, geographic coverage and deepen our relationships with
our key automotive Manufacturers.  I have spent much of the last week in the
business, have met many highly talented people and visited the impressive and
well invested property estate.  The integration process will commence
immediately and be largely completed by March 2023."

 

A video of Robert Forrester discussing the completion of the deal is available
here https://bit.ly/VTUHelston (https://bit.ly/VTUHelston) .

 

ENDS

 

 

 Vertu Motors plc
 Robert Forrester, CEO            Tel: 0191 491 2121
 Karen Anderson, CFO              Tel: 0191 491 2121

 Phil Clark, Investor relations   PClark@vertumotors.com
 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 192 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 188 franchised sales outlets and 4
non-franchised sales operations from 142 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/
(https://investors.vertumotors.com/) /www.vertucareers.com
(http://www.vertucareers.com)

Vertu brand websites - www.vertumotors.com (http://www.vertumotors.com) /
www.bristolstreet.co.uk (http://www.bristolstreet.co.uk) / www.vertuhonda.com
(http://www.vertuhonda.com) / www.vertutoyota.com (http://www.vertutoyota.com)
/ www.macklinmotors.co.uk (http://www.macklinmotors.co.uk) /
www.vertumotorcyles.com (http://www.vertumotorcyles.com)

 

 

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