2 July 2018 – acquisition
The group has acquired Hughes Group Holdings a motor dealership group which operates in the M4/M40 corridor for consideration od £21.8m. Hughes operates two Mercedes Benz dealerships in Beaconsfield and Aylesbury which is an adjacent market area to Vertu’s existing Mercedes Benz dealerships in Reading, Ascot and Slough. The Aylesbury outlet also brings a Mercedes Benz Commercial Van franchise to the group for the first time. In addition, the acquisition will also bring other outlets in the area covering Jeep, Skoda and Peugeot. The acquisition is to be paid for in cash and takes the number of outlets operated by the group to 125. The purchase is set to be earnings enhancing in its first full year of ownership and the shares remain a BUY.