1:02 pm, March 2, 2016
VERTU Motors now has Mercedes-Benz dealerships under its wing for the first time after buying Sigma Holdings and subsidiary Greenoaks for £21.9m.
Vertu, which is one of the UK’s largest motor retail groups with a network of 126 sales and aftersales outlets, says it expects the acquisition to be earnings enhancing during the first full year of ownership. The transaction includes £13m of goodwill.
It’s an important move for Vertu, giving it three well-established premium-brand locations in Reading, Ascot and Slough. The Reading and Ascot outlets also represent the Smart franchise, while Ascot is an AMG performance centre.
Vertu Motors chief executive Robert Forrester, pictured above, said: ‘We are delighted to announce the introduction of Mercedes-Benz to the group, which is a significant further step in the growth of our premium business.
‘The Greenoaks business has operated in the Thames Valley for over 30 years, is well established in this attractive market area and brings three high-quality freehold properties which will further strengthen the group’s asset base.
‘The acquisition will be earnings enhancing from our new financial year and will also provide synergy opportunities with the group’s fleet and internet-based sales operations.’
Mercedes-Benz issued a statement, saying: ‘Mercedes-Benz is delighted to welcome Vertu as a new franchise partner. As a top five dealer group, we have been working with Vertu to identify a suitable opportunity that allows them to bring their expertise in retailing to our brand.
‘Having doubled our new car volume in the last five years, Vertu are a strong fit to further support our continued growth strategy.’
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