VERTU Motors plc has acquired two Hyundai dealerships in Edinburgh.
The firm bought the two dealerships in two separate transactions from Phoenix Car Company Limited and Archers of Edinburgh Limited.
The recent acquisition makes Vertu Motors Hyundai’s largest UK partner with seven sales outlets throughout the country.
The assets include two leasehold properties situated in popular motor retail areas to the East and West of Edinburgh.
The aggregate consideration, including £0.3m for goodwill, is estimated at £0.7m and will be settled in cash from the Group’s existing resources.
Robert Forrester, CEO of Vertu Motors, said: ‘We are delighted to become Hyundai’s largest UK partner. We are also pleased to announce further development of the group’s Macklin Motors footprint in Scotland.
‘From a standing start a couple of years ago, we now have nine dealerships in Scotland and we plan to continue this growth.’
He added: ‘This acquisition takes the group’s portfolio to 101 sales outlets. This is an exciting milestone, and we are building the group’s management and systems infrastructure to ensure that we can continue to grow the scale of the group and its ability to generate profitable growth for our shareholders.
‘Vertu continues to have a strong acquisition pipeline and management anticipates further deals to be announced in the near term.’