Vertu Motors PLC Potential acquisition (8299F)

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RNS Number : 8299F

Vertu Motors PLC

09 November 2022

9 November 2022

Vertu Motors plc ("Vertu Motors" or "Company")

Potential acquisition

Vertu Motors confirms that it is in advanced discussions regarding the potential acquisition of Helston Garages Group Limited, a privately owned predominantly premium manufacturer automotive retail group based in the Southwest of England. These discussions may or may not lead to a transaction. Funding for the transaction, were it to occur, would be from re-financed and new debt facilities, including long-term mortgage funding.

Further announcements will be made in due course as necessary.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

ENDS

 
 Vertu Motors plc 
 Robert Forrester, CEO             Tel: [phone] 
 Karen Anderson, CFO 
  Phil Clark, Investor Relations 
 Zeus Capital Limited 
 Jamie Peel                        Tel: [phone] 
  Andrew Jones 
  Dominic King 
 Camarco 
 Billy Clegg                       Tel: [phone] 
  Tom Huddart 
 

Notes to Editors

Vertu Motors is the fifth largest automotive retailer in the UK with a network of 164 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Macklin Motors brand names.

Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 160 franchised sales outlets and 4 non-franchised sales operations from 123 locations across the UK.

Vertu's Mission Statement is to "deliver an outstanding customer motoring experience through honesty and trust".

Vertu Motors Group websites - https://investors.vertumotors.com/ / www.vertucareers.com

Vertu brand websites - www.vertumotors.com / www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.vertumotorcyles.com

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November 09, 2022 05:30 ET (10:30 GMT)