Vertu on the hunt as it pays £2.4m for dealers

Vertu has acquired two sales outlets representing Nissan and Volvo from Harratts of Wakefield.

The assets include a freehold property valued at £1.75m and payment will be settled in cash.

The new outlets will bring the total number of Vertu sites in Yorkshire to 12 and will join Vertu’s existing businesses in Leeds, Bradford, Barnsley, Doncaster and Chesterfield.

The deal will increase Vertu’s representation with Nissan to nine outlets, making it one of Nissan’s largest UK franchise partners.

The new Volvo outlet adds to the existing Derby Volvo dealership which opened in 2013.

Vertu will now operate a total of 106 sales and aftersales outlets across the UK.

Robert Forrester, CEO of Vertu Motors, said this will be the first time the Bristol Street Motors brand has been represented in Sheffield.

“One of the reasons for the deal is Sheffield is the fourth largest city in the UK. As a major brand we weren’t in it which was a gap in our strategy,” he said.

“We’d like more than one dealership in Sheffield. It’s certainly big enough to support two or three dealerships.”

He added that the group sees Yorkshire as very important area for the business and it is on the hunt for dealerships throughout the county.

“We’re not in Wakefield or Huddersfield. We’re not necessarily looking there. We could look in Leeds and Sheffield and other places as well. Hull is another area we’d be interested in,” he said.

Family-owned and run Harratts said the deal will allow it to concentrate on stronger performing parts of the group.

Shaun Harratt, managing director of Harratts, said: “An offer was made for our Sheffield operation, which we decided to accept. It refocuses our business to a predominantly West Yorkshire offering, which traditionally has always been at the heart of our operation.”

Vertu is the sixth largest automotive retailer in the UK.