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London-listed Vertu Motors has completed the takeover of Helston Garages after receiving approval from the Financial Conduct Authority.
The deal, announced at the start of the month and worth £182million, sees Vertu become the new owner of 28 dealerships, and add Volvo and Ferrari to its portfolio.
The integration process of Helston Garages, a family-owned business in operation for more than six decades, will begin ‘immediately’ and is expected to complete by March next year, the company said.
All dealerships will be rebranded as Vertu Motors and Bristol Street Motors, apart from ‘Carrs’ Ferrari operation in Exeter
As Helston is based in south-west England, the number of dealerships Vertu will own in the area will rise from four to 32, while the total of franchised sites across the country will rise to 188.
Vertu chief executive, Robert Forrester, said the deal added ‘further evidence of the execution of our long-term strategy to build scale, geographic coverage and deepen our relationships with our key automotive manufacturers’.
‘I have spent much of the last week in the business, have met many highly talented people and visited the impressive and well invested property estate,’ he added.
All dealerships will be rebranded as Vertu Motors and Bristol Street Motors, apart from ‘Carrs’ Ferrari operation in Exeter.
Vertu has been on an acquisition spree in recent months, as it looks to ‘drive scale, expand into new and attractive regions and introduce new manufacturer partners’.
Last month, it added a pair of car dealerships in Yorkshire to its stable, becoming the largest UK seller of BMW motorcycles.
It bought BMW Motorrad establishments in Shipley and Rotherham from the Saltaire Motor Company, which trades under the brand name Alan Jefferies.
These showrooms are in addition to its existing BMW outlet in Sunderland and three Honda Bikes branches.
Vertu shares were down 1.9 per cent to 51.30p in morning trade on Friday.
Like many other British car retailers, Vertu has benefited handsomely over the past 18 months from semiconductor shortages driving higher prices for both new and old vehicles.
Sales have somewhat slowed in recent months as heightened inflationary pressures have caused consumers to make fewer big-ticket purchases, with revenue in the six months ending August only 3.9 per cent higher year-on-year.
Yet the business said it anticipated annual profit would surpass market expectations due to strong margins offsetting weaker volume sales resulting from supply chain constraints.
