REG - Vertu Motors PLC - Directorate Changes

Vertu MotorsAnnouncement

13/12/2018 07:05

RNS Number : 3161K
Vertu Motors PLC
13 December 2018
 


13 December 2018
Vertu Motors plc ("Vertu Motors" or "the Group")
Directorate Changes
 
Vertu Motors (AIM: VTU), the automotive retailer with a network of 125 sales outlets across the UK, is pleased to announce the appointment of Karen Anderson as Chief Financial Officer with effect from 1 March 2019.  Karen will replace Michael Sherwin, who has informed the Board of his intention to step down in March 2019 to further develop his portfolio of business interests.  Michael has been the Group's CFO since 2010.
Karen is currently Deputy Chief Financial Officer and Company Secretary and trained as a chartered accountant with Arthur Andersen before joining Reg Vardy PLC where she was the Group Financial Controller.  She joined the Group in 2006 and served as Group Finance Director until 2010, seeing the Group through its flotation and initial growth period.
The Company also announces that Nigel Stead, who has served as a Non-Executive Director since 2011, will retire from the Board on 31 December 2018. 
Peter Jones, Chairman, commented:
"I am delighted to welcome Karen to her future new role as CFO and to the Board following the thorough external benchmarking exercise we have undertaken.  Karen's wealth of both industry and finance experience will help to guide the business through its next stage of growth.
"Michael has been an Executive Director of the Group for nearly nine years and has been instrumental in its strategic development and significant growth. I would like to thank him for all he has contributed. 
"The Board is grateful to Nigel for the diligent support and wise counsel which he has given to the Board over the last eight years.
"We wish both Michael and Nigel well in the future."
 
A further announcement, confirming the disclosures required under Schedule 2(g) of the AIM Rules will be made at the time of appointment of Karen to the Board on 1 March 2019.
 
For further information please contact:
 



Vertu Motors plc

Robert Forrester, CEO

Michael Sherwin, CFO


Tel: 0191 491 2111

Tel: 0191 491 2112




Zeus Capital Limited

Nicholas How
Andrew Jones
Dominic King


Tel: 020 3829 5000




 
Camarco
Billy Clegg
Tom Huddart


 
Tel: 020 3757 4983



 
 
Notes to Editors
Vertu Motors is the sixth largest automotive retailer in the UK with a network of 125 sales outlets across the UK.  Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell 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 122 franchised sales outlets and 3 non-franchised sales operations from 106 locations across the UK.
Vertu's Mission Statement is to "deliver an outstanding customer motoring experience through honesty and trust". 
Vertu Motors Group websites - www.vertumotors.com / www.vertucareers.com
Vertu brand websites - www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.farnelljaguar.com / www.vertuvolkswagen.com / www.vertumercedes-benz.com / www.hughes-group.net
 
 




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