8:00 am, May 6, 2014
DEALER group Vertu has expanded its operations by acquiring Hillendale Group Limited.
The deal, which includes a Land Rover dealership in Nelson, near Burnley, Lancashire, and a Jaguar dealership in Bolton, Lancashire, is estimated at £8.2m.
For the year ended December 31 2013, Hillendale showed a turnover of £34.9m and EBITDA (earnings before interest, taxes, depreciation and amortization) of £1.0m. Vertu says it expects this acquisition to be ‘earnings enhancing in its first full year of ownership’.
The acquisition marks Vertu’s first franchise with Jaguar and increases Vertu’s portfolio to 108 sales and aftersales outlets across the UK.
Robert Forrester, CEO of Vertu Motors, pictured, said: ‘We are delighted to announce the next step in our growth with Jaguar Land Rover and our entry into the Jaguar franchise.
‘Land Rover remains one of the most attractive franchises from the perspective of the motor retailer, and we are very pleased to extend the reach of the Group’s highly successful businesses in Leeds, Guiseley and Bradford into Lancashire.
‘The Jaguar franchise is set to see substantial new product flow in the next few years following significant product development investment by Jaguar Land Rover. The Group is therefore looking forward to partnering with this exciting British-built brand.’
