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Dickinson Dees completes deals for Vertu Motors

LAW firm Dickinson Dees has completed a trio of deals for Tyneside car sales giant Vertu Motors.

LAW firm Dickinson Dees has completed a trio of deals for Tyneside car sales giant Vertu Motors.

The deals, which completed within weeks of each other, have seen Vertu expand its dealership portfolio to 93 outlets across the UK. The latest acquisitions see the Gateshead business expand both in the North East and in Yorkshire.

The deals included the acquisition in November of Honda dealerships in Newcastle, Sunderland and Durham from Springfield Cars Limited for c.£3.7m.

In December, Dickinson Dees also advised Vertu on the acquisition of a Vauxhall dealership in Harrogate, from the administrators of Nidd Vale Motors Limited. Vertu intend to relocate that dealership to a new development in Knaresborough within the next 12 months.

The latest deal secured the acquisition of another Vauxhall dealership for Vertu, in Keighley, West Yorkshire. As part of that agreement Vertu also acquired a 15-year lease on the dealership property.

Ben Butler, partner in the corporate team at Dickinson Dees, who led the three transactions, said: “We are delighted to have helped Vertu acquire these dealerships, which form part of Vertu’s ambitious growth plans. We very much enjoyed working with Vertu’s focused and dedicated team on these acquisitions and look forward to working with them as they continue to grow and develop their business.”

David Crane, commercial director of Vertu Motors plc, said: “2013 has started well for us, following a very strong period of growth in 2012. We are extremely pleased to be growing our representation with both Honda and Vauxhall through these latest acquisitions. The team at Dickinson Dees provided us with excellent legal support, offering practical solutions which enabled us to successfully complete these acquisitions within the required timescales. We look forward to working with Dickinson Dees as we continue to deliver on our strategic goals.”

 

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