Vertu Motors acquires another dealership

Automotive retail group Vertu has announced the acquisition of Helston Garages for £120.1m, subject to approval.

Vertu has acquired 28 outlets from Helston Garages, adding to their current portfolio of 160 franchised sales outlets.

Vertu acquired two BMW Motorrad outlets in November.

Helston Garages was founded in 1960 and operates 40 dealerships throughout Cornwall, Devon, Dorset, and Somerset.

Vertu says the deal will help strengthen existing relationships with manufacturers such as BMW, MINI, Stellantis and Jaguar Land Rover, and will also see the group welcome Ferrari and Volvo to their manufacturers portfolio.

Vertu says that Heltson Garages has a freehold rich and well invested property portfolio.

It added that the acquisition of Helston is a continuation of its long-term strategy to drive scale, expand into new and attractive regions and introduce new Manufacturer Partners. Following the acquisition, Vertu will have 32 sales outlets in the South West, up from four.

Robert Forrester, chief executive officer of Vertu Motors, said: “The acquisition will be both financially and strategically accretive for Vertu Motors, delivering long term value creation for our shareholders.  We now have 32 dealerships in the South West, which becomes a core region.”

“While there is uncertainty in the UK economy today, we continue to invest for the long-term”, he added.