8:35 am, May 14, 2013
Bristol Street Commercials, Gloucester
VERTU MOTORS has sold its loss-making heavy truck businesses in order to focus on cars and LCVs.
Vertu say the decision was made to ensure its operations fit with the strategy of developing relations with manufacturer partners in profitable locations, and the that Vertu lacked the specialist knowledge for the heavy truck business.
Last year Vertu’s Iveco operations made a loss of £0.6m on revenues of £18m.
The sale to Aquila Truck Centres (Italia) includes certain assets of its Iveco sales and aftersales outlets at Bristol, Swindon and Gloucester, with 72 staff also included. Completion of the sale is expected to take place on May 31.
Aquila is an already established main dealer for brands such as Caterpillar, Neoplan and MAN. Vehicle and parts inventories and fixed assets will be included in the sale, which is thought to be for £1.5m. Over £190,000 Aquila shares are also included in the sale.
Vertu Motors was formed in 2006 and operates in over 90 locations across the UK. It trades under Bristol Street Motors, Macklin Motors, Vertu Honda and Bristol Street Motor Nation brands.
Photo credit: Vertu
