Leading automotive retailer acquires four South West outlets
Vertu Motors, one of the UK’s leading automotive retailers, has added four sites in the South West following the acquisition of Rowes Garage for £6.2m.
The acquisition means that Vertu has expanded its relationship with Honda, with the group now trading with the manufacturer in 17 UK outlets. The group is Honda’s largest retail partner in the UK.
In December 2022, Vertu acquired Helston Garages for £120.1m, picking up 28 outlets across the South West.
Rowes Garage has been trading for over 90 years, and has grown to become one of the UK’s most successful Honda dealerships. The retailer operates one Honda and one Suzuki outlet in Plymouth, as well as Honda dealerships in Plymstock and Truro.
During the year ending 31 December 2022, the retailer achieved a revenue of £30.2m and an operating profit of £750,000. Vertu expects that Rowes Garage will contribute a loss during the first four months of the financial year, due to the seasonality of vehicle sales.
The business will be rebranded under the Vertu and Bristol Street Motors businesses immediately following Vertu’s acquisition.
Vertu now operates 34 outlets in the South West.
Robert Forrester, CEO of Vertu Motors, said: “I am delighted to deliver further expansion for the Group in the South West of England following the successful and accretive Helston acquisition. The long standing successful Rowes business is a great addition to the Group’s 14 existing Honda sales outlets and increases scale further in the South West where we will operate 34 outlets. We continue to execute our strategy to build a scaled business.”