7:49 am, April 14, 2022
Vertu Motors has announced the purchase of land and buildings at its multi-franchise site in Derby for £7.1m.
The listed dealer group has run a multi-franchise operation on the site since September 2012 when it acquired the trade and assets from Co-operative Group Motors Limited.
At the time of the purchase – believed to be for an estimated £5.5m – Vertu was granted a lease on the premises which was due to expire in February 2026.
The 5.5-acre site on Sir Frank Whittle Road, Derby, is currently home to Renault and Dacia, Skoda, Nissan and Peugeot franchises under Vertu’s Bristol Street Motors brand.
It’s also home to a standalone Bristol Street Motornation used car showroom.
In an announcement to the London Stock Exchange this morning (Apr 14), Vertu said the acquisition ‘secures the long-term future of this strategically important location for the group’.
Robert Forrester, chief executive of Vertu Motors, pictured top, said: ‘I am delighted to have secured the long-term interest in this important location for the group.
‘The five successful sales outlets located here make a positive contribution to group performance and are a significant part of Bristol Street Motors representation in the East Midlands.’
Forrester has previously chatted about the potential for an industry trend towards more multi-franchise sites, particularly in the premium sector.
In a special Car Dealer Live, the Vertu chief said he was already in talks with some premium brands about coupling them together in one location.
Premium and luxury brands traditionally favour separate sites, but Forrester said that we ‘might surprise ourselves’ with those that agree to do it.
Forrester was chatting on a special show and appeared alongside Marshall boss Daksh Gupta.
You can watch the full video above.
