VERTU Motors, the automotive retailer with a network of 132 sales and aftersales outlets across the UK, has announced the acquisition of Gordon Lamb Group Limited for £18.7m.
Gordon Lamb operates Toyota, Land Rover, Skoda and Nissan outlets in Chesterfield, as well as a Skoda outlet in Derby, and has been trading for more than 60 years.
The acquisition adds the Toyota brand to the group’s portfolio, further progressing Vertu’s strategic goal of growing its range of franchises. It includes goodwill of £8.3m and brings freehold properties valued at £7.5m into the group.
The transaction is an important development for the group and is in line with the strategy set out at the time of the capital raise in March 2016 and increases the number of outlets operated by Vertu Motors in Derbyshire from 10 to 14.
The acquisition of Nissan in Chesterfield, for example, created a market area for Nissan in Derby, Ilkeston and Sheffield, bringing the total number of Nissan outlets the group operates to 11.
For the year ended 31 December 2015, Gordon Lamb achieved consolidated revenues of £85.8m and had net assets of £10.2m. The board expects this acquisition to be earnings enhancing in its first full year of ownership.
Robert Forrester, CEO of Vertu Motors said: ‘Gordon Lamb is a much respected and well established business operating in Derbyshire, a core territory of ours. It is a business we have long admired and I am delighted to welcome them to the Vertu Group. I see a very clear cultural, strategic and business fit.
‘We are delighted and excited to commence representing Toyota under the Vertu Toyota brand adding yet another first class franchise to our business.’
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