25 January 2016 – acquisitions
The group has acquired three Honda dealerships from Lookers for total consideration of £2m in cash. The dealerships are in Nottingham, Derby and Stockton-On-Tees and consolidate the group’s position as Honda’s largest retail partner in Europe with 12 dealerships. The dealerships being acquired are all close to existing Vertu Honda outlets thus providing synergy opportunities. The group expects the acquisition to be earnings enhancing in the first full year of ownership and the recent weakness in the share price presents a useful buying opportunity. BUY