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Vertu acquires Lichfield Vauxhall
AIM-listed motor retailer Vertu Motors, has acquired Lichfield Vauxhall for £2.8 million from Steve Thompson Cars.
The deal is the third this year for Vertu and brings the number of its dealerships up to 55. The company operates under the Bristol Street Motors and Bristol Street Motor Nation brand names and is the ninth largest motor retailer in the UK.
Robert Forrester, CEO of Vertu Motors, said: 'The Lichfield Vauxhall business fits in well with our stated strategy of building a successful, scalable motor retail group delivering shareholder value and we continue to evaluate further growth opportunities that the current market conditions present.'
In the six months ending August, Vertu reported a five per cent decrease in revenue to £401.3 million, while pre-tax profits were up by 47.4 per cent to £2.8 million.
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