Vertu Motors Buys Ford, Mazda Scottish Franchises

9th Jun 2010 08:09

LONDON (Dow Jones)--Vertu Motors PLC (VTU.LN), a U.K. based motor retailer, said Wednesday it has exchanged contracts to acquire two dual franchised Ford and Mazda dealerships in Glasgow and Hamilton, Scotland, through the purchase of the trade and certain assets of the business from Shields Automotive Limited. MAIN FACTS: -The properties will be leasehold, with maximum consideration payable of GBP2.5 million and this will be settled in cash from existing resources. -No goodwill is payable in the acquisition and completion is expected to take place on June 30. -In the year ended June 30, 2009, the acquired businesses had a turnover of GBP27.1 million. -This acquisition marks the Group's third and fourth Scottish dealerships, all of which have been acquired in 2010. Both will be rebranded Macklin Motors. -Will now have six sales outlets in Scotland and looks forward to further grow the Macklin Motors brand. -Shares at 0707 GMT unchanged at 34.0 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires June 09, 2010 03:09 ET (07:09 GMT)