Vertu Motors Buys SEAT Business In Derby

28th Jul 2010 15:13

LONDON (Dow Jones)--Vertu Motors PLC (VTU.LN), a U.K. motor retailer, said Wednesday it has exchanged contracts to acquire a SEAT business in Derby through the purchase of trade and certain assets from GK Group Ltd provided that certain conditions are met. MAIN FACTS: -The property is leasehold, and the consideration for this acquisition, representing predominantly vehicle stock, will not exceed GBP750,000 and will be settled in cash from existing resources. -No goodwill is payable on the acquisition and completion is expected to take place on Aug. 2. -In the year ended Dec. 31, 2009, the unaudited management accounts of the Derby SEAT business showed turnover of GBP7.7 million and a pretax loss of GBP28,000. -Board anticipates that the acquisition will be earnings enhancing in the first full year of ownership. -Shares of Vertu Motors at 1411 GMT unchanged at 27.5 pence, valuing the company at GBP54.8 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires July 28, 2010 10:13 ET (14:13 GMT)