Vertu Motors plc (LON:VTU), the UK automotive retailer with a network of 159 sales and aftersales outlets, has announced the purchase of the freehold and long leasehold interests in its extensive multi-franchise site located in Derby.
The Group has operated the 5.5-acre Derby multi-site since September 2012, when the trade and assets of the dealerships were acquired from Co-operative Group Motors Limited. A lease on the premises was granted to the Group at the time of this purchase, with this lease due to expire in February 2026.
There are four separate buildings on the site, currently representing the Nissan, Skoda, Renault & Dacia and Peugeot franchises, along with a standalone Bristol Street Motornation used vehicle outlet. The purchase of the freehold and long leasehold interests secures the long-term future of this strategically important location for the Group.
The purchase completed on 6 April 2022 for consideration of £7.1m, plus fees.
Robert Forrester, Chief Executive of Vertu Motors said:
“I am delighted to have secured the long-term interest in this important location for the Group. The five successful sales outlets located here make a positive contribution to Group performance and are a significant part of Bristol Street Motors representation in the East Midlands.”