Vertu Motors – 40.75p

8 December 2013 – acquisition

Vertu Motors have made a further acquisition, of Dobies (Carlisle), which has traded as a Vauxhall outlet in Carlisle and certain assets of the Carlisle SEAT outlet. This will extend Vertu’s presence in the North of England, linking with the group’s existing Vauxhall dealerships in Sunderland, Durham, Newcastle and Hexham. For the the year to 31 December 2012 the management accounts of the acquired businesses showed a turnover of £10.7m and an operating loss of £0.1m. The total consideration is £4.3m and this will be settled in cash from existing resources of the group. We continue to rate the shares a BUY.

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