10 September 2012 – acquisitions
The group has expanded its operations with the purchase of three motor retail locations from Co-Op Motors for total consideration of £5.5m, of which £3.9m is to be deferred over three years. The sites add six new franchises to the group’s portfolio and are expected to be earnings neutral in the current financial year and earnings enhancing in the year to February 2014. These acquisitions are evidence that the company continues to make progress and we re-iterate our recommendation of BUY.