Vertu Motors to buy Helston Garages for £117m

8th Dec 2022 09:35

(Sharecast News) - Car dealership Vertu Motors said on Thursday that it has agreed to buy Helston Garages for £117m.

Vertu has bought 28 franchised sales outlets, adding "significant" scale and geographic coverage to its existing footprint of 160 franchised outlets.

Vertu said the deal is a continuation of its long-term strategy to drive scale, expand into new and attractive regions and introduce new manufacturer partners. Once it completes, the company will have 32 sales outlets in the South West, up from four currently.

Chief executive Robert Forrester said: "Helston has a long track record of delivering strong profitability and we have admired the group for a long time. The acquisition will be both financially and strategically accretive for Vertu Motors, delivering long term value creation for our shareholders. We now have 32 dealerships in the South West, which becomes a core region.

"I am delighted to welcome so many new colleagues to the group and look forward to integrating Helston and the team into Vertu Motors, particularly introducing our digital expertise.

"While there is uncertainty in the UK economy today, we continue to invest for the long-term and remain excited about the future for Vertu Motors."