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.
View the latest British businesses for sale
Read more about the stages involved in buying a business
The company is a retailer of high-end costume jewellery operating out of a premium-located London store, with its growing online presence enabling it to attract interest from customers worldwide. Revenue is predominantly generated in-store, with the...
The company develops best-in-class SaaS software products that focus on the standardization, optimization, and control of a customer’s core operational processes. Embedded in the software design are the Lean / Six Sigma Operational Excellence princip...
Project Sandstone specialises in the design, manufacture, and installation of garages and concrete sectional buildings across Northern England, Yorkshire, and the Midlands. The company also has a trading arm which offers a full garage refurbishment s...
Stratford Energy, a solar energy specialist based in Stratfo...
Kids Planet has continued to grow its portfolio through acqu...
Car retailer Vertu Motors has said that it is planning furth...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.