Vertu Motors Plc Completion Of Macklin Motors Acquisition

1st Jul 2010 07:00

TIDMVTU RNS Number : 5974O Vertu Motors PLC 01 July 2010 ? 1 July 2010 Vertu Motors plc ("Vertu" or the "Group") Completion of Macklin Motors Acquisition Further to its initial announcement made on 9 June 2010, Vertu Motors plc is pleased to announce that it has formally completed the acquisition of 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. The consideration payable for these dealerships is GBP1.8m which will be settled in cash from existing resources. This is below the maximum consideration payable of GBP2.5m previously announced on 9 June 2010 due to lower than anticipated working capital growth during June. Both businesses are now being rebranded Macklin Motors, which is the Group's brand established this year for current and future dealership acquisitions in Scotland. - Ends - For further information please contact: +------------------------------+------------------------------+ | Vertu Motors plc | Tel: 0191 491 2121 | | Robert Forrester, CEO | | | Michael Sherwin, FD | | +------------------------------+------------------------------+ | | | | Brewin Dolphin Corporate | Tel: 0845 213 2076 | | Advisory & Broking | | | Alexander Dewar | | | | | +------------------------------+------------------------------+ | Panmure Gordon (UK) Limited | Tel: 020 7459 3600 | | Andrew Burnett | | | | | +------------------------------+------------------------------+ | Financial Dynamics | Tel: 020 7831 3113 | | Caroline Stewart | | | | | +------------------------------+------------------------------+ Notes to editors Vertu Motors plc is the 8th largest motor retailer in the United Kingdom with 66 sales outlets forming a national network, operating predominantly under the Bristol Street Motors, Bristol Street Motor Nation, Vertu Honda and Macklin Motors brand names. Manufacturer partners are Citroen, Ford, Iveco, Honda, Hyundai, Mazda, Peugeot, Renault, Vauxhall, Chevrolet, Fiat and SEAT. Vertu Motors was established in November 2006 with the aim of consolidating the UK motor retail sector. The Group listed on AIM in December 2006. The Group currently operates 62 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 57 locations. 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 the national network. www.vertumotors.com www.bristolstreet.co.uk www.vertuhonda.com www.motornation.co.uk www.vertucareers.com www.macklinmotors.co.uk This information is provided by RNS The company news service from the London Stock Exchange END ACQDXGDLGXXBGGG (END) Dow Jones Newswires July 01, 2010 02:00 ET (06:00 GMT)