Vertu snaps up the pieces after Brooklyn's demise

Published on Friday 26 June 2009 21:48

SMALL BUT BEAUTIFUL

THE ninth largest motor retailer in the UK, Vertu Motors, has bought parts of Brooklyn Motor from administrative receivership for up to 9 million.

The assets acquired for 7.9m include four franchised outlets and an authorised repairer. Vertu said the enterprise value of the acquired businesses was 7.1m.

The Brooklyn businesses include Worcester Ford, Redditch Ford, Redditch Mazda and Cheltenham Mazda.

Chief executive Robert Forrester said: "There is considerable scope to integrate these dealerships onto Vertu's scalable platform, and these are excellent volume franchises that strengthen the Group's portfolio balance."

Newcastle-based Vertu will use some of the 30m raised from a share placing earlier this month to fund the acquisition. It says the deal is immediately earnings enhancing.

Following the acquisition of the assets, Vertu Motors will operate 45 franchised operations, four non-franchised and two standalone service operations.

The company was formed in late 2006 to acquire and consolidate UK motor retail businesses.