Motor dealers Vertu has announced the £2.4m acquisition of a Sheffield car dealership.
The Gateshead-based firm, which runs a network of more than 100 sales and aftersales outlets across the UK, has taken over the Harratts of Wakefield site, which operates two sales units representing the Nissan and Volvo brands. The deal includes a freehold property valued at £1.75m.
This transaction increases the Group’s representation with Nissan to nine outlets making the Group one of Nissan’s biggest UK franchise partners, and the new Volvo outlets adds to the exisiting Derby Volvo dealership opened in 2013. The Group now operatesa total of 106 sales and aftersales outlets across the UK.
The new dealerships will operate under Vertu’s Bristol Street Motors brand, formed in the early 20th Century, and will be the first in the city.
Robert Forrester, chief executive of Vertu Motors, said: “We are delighted to announce the next step in our growth with both Nissan and Volvo.
“This is the first time the Bristol Street Motors brand has been represented in the city of Sheffield, which is the fifth largest in the UK.
“We are continuing to develop the group by adding to existing franchise relationships as well as exploring new manufacturer partners. This acquisition increases the Group to 106 sales and aftersales outlets and will enable us to continue to generate profitable growth for our shareholders.”
Vertu Motors was formed in 2006 to acquire and consolidate motor retail businesses nationwide.