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Vertu Motors PLC acquires two further Toyota Motor Corp dealerships in East Midlands

Following this transaction, the company will own businesses that represent 13 car manufacturers across 39 sales outlets in the East Midlands – its most significant region – including three Toyota outlets.

Vertu Motors (AIM:VTU) PLC has announced it will acquire two Toyota Motor (NYSE:TM) Corp franchise dealerships in Leicester and Loughborough for £9.2mln.

The acquisition cost includes £900,000 net cash funded from the company’s existing cash resources.

Vertu, which is paying £2.35mln for goodwill and £6mln for the two freehold properties, expects the acquisition to be earnings enhancing for the year ended 28 February 2023.

In 2020, the two businesses generated £29.2mln in revenue and reported profit before tax of £600,000.

Following this transaction, Vertu will own businesses that represent 13 car manufacturers across 39 sales outlets in the East Midlands – its most significant region – including three Toyota outlets.

“The addition of more Toyota sales outlets to the group’s portfolio has long been a strategic objective since we envisage the brand gaining market share in the medium-term and being well-positioned to take advantage of opportunities as the wider automotive sector evolves,” said Vertu Motors chief executive Robert Forrester.

Read More: Vertu Motors PLC acquires two further Toyota Motor Corp dealerships in East Midlands

2021-12-13 06:37:00

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