9:02 am, May 3, 2016
VERTU Motors has announced the acquisition of Leeds Jaguar from Inchcape Retail Limited for £650,000.
The business, which is the fifth largest automotive retailer in the UK, will operate from its current premises in the short term and will then relocate to a newly developed site alongside the Group’s existing Leeds Land Rover operation.
The deal, which includes £500,000 of goodwill, is estimated to total at £650,000 and further extends the Farnell brand.
For the year ended 31 December 2015, the management accounts of Vertu Motors showed that the business broke even in the period. The board expects the acquisition to be earnings enhancing in the next 12 to 24 months.
Following completion, the group will operate five Land Rover dealerships and three Jaguar dealerships across the UK.
Robert Forrester, CEO of Vertu, said: ‘We are delighted to be able to announce a further acquisition to augment our Jaguar Land Rover business in the North of England. Leeds Jaguar will complement our award-winning Land Rover operation in Leeds and will strengthen our Farnell brand in the North.’
He added: ‘The Jaguar brand is set for significant expansion given the fantastic new models that are being launched, such as the F-Pace. The Jaguar line-up is now more extensive than in its entire history.’
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