Mon, 03 Feb 2014 | BUSINESS SALE
Vertu Motors has bought a car dealership business in South Yorkshire for £2.4 million.
The acquisition of Harratts of Wakefield's Volvo and Nissan outlets in Sheffield includes the freehold property of the sites, which is valued at around £1.75 million. The purchase will be settled in cash from its existing resources.
Robert Forrester, chief executive of Vertu, said that the team is “delighted” with the acquisition, which signals the next step in the company's growth.
He added: “This is the first time the Bristol Street Motors brand has been represented in the city of Sheffield, which is the fifth largest in the UK. The new outlets will complement existing group businesses in the region in Barnsley, Doncaster and Chesterfield, and brings the number of outlets in Yorkshire to 12.”
Vertu is based out of Newcastle upon Tyne but now owns 12 sites across Yorkshire. The company operates a total of 104 franchised sales outlets across the UK, along with two non-franchised sales operations.
Harratts' managing director, Shaun Harratt, said that the group decided to accept the bid, adding that the decision “refocuses our business to a predominantly West Yorkshire offering” which is traditionally where the company has grown from.
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