Vertu Motors completes Helston acquisition following FCA approval


Vertu Motors, having now received FCA approval, has completed the acquisition of Helston Garages Group Limited.

Following the announcement of the intended acquisition on 8 December, Vertu has now completed the purchase of 28 franchised sales outlets, adding significant scale and geographic coverage to the Group’s existing footprint of 160 franchised outlets.

Consideration of £117m, net of anticipated cash and cash equivalents of £65m, has been financed through a combination of re-negotiated and new debt facilities.

Robert Forrester, chief executive officer of Vertu Motors, said: “We are delighted that Vertu Motors has completed its acquisition of Helston and 28 sales outlets, 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.  The integration process will commence immediately and be largely completed by March 2023.”

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