8:52 am, July 2, 2018
VERTU Motors has acquired Hughes Group Holdings and its subsidiary Hughes of Beaconsfield for £21.8m.
Six sales sites have been added to the group, which now owns 125 outlets across the UK.
Hughes has represented Mercedes-Benz for more than 40 years, with dealerships in Beaconsfield and Aylesbury. These are in an adjacent market area to Vertu’s existing Mercedes-Benz operations in Reading, Ascot and Slough.
Delighted to announce Vertu has purchased the Hughes Group of Beaconsfield including two Mercedes Benz dealerships adjacent to our current market area
— Robert Forrester (@vertumotors) July 2, 2018
The acquisition also brings the Mercedes-Benz Commercial Van franchise to the Group for the first time through the operation in Aylesbury, meaning that Vertu now represents the top eight van franchises in the UK.
Hughes also operates outlets for Skoda in Aylesbury, Jeep in Beaconsfield and Peugeot in High Wycombe and operates a vehicle preparation centre in Wendover.
For the year ending December 31, 2017, Hughes achieved revenues of £150m, and had net assets of £13.7m.
Robert Forrester, CEO of Vertu Motors said: ‘Our disciplined approach to allocating shareholders’ funds has meant that this is our first acquisition for over two years. Given the strength and location of the business and franchises we are acquiring, the board is confident to make this investment which will be earnings enhancing in its first full year of ownership.
‘We would expect the acquisition to bring synergies and we also expect there to be opportunities to reduce working capital levels.’
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