Vertu Motors plans to raise £35m to fund acquisitions

Vertu plans to raise �35m to fund acquisitions
Vertu plans to raise �35m to fund acquisitions
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VERTU Motors today revealed that it plans to raise £35m through a share placing to fund acquisitions.

In a statement, Vertu said that the placing is being conducted by way of an accelerated bookbuild on the company’s behalf by Liberum and Zeus.

Yesterday, Vertu Motors said it expected its trading performance for the year ended February 29 to be ahead of current market expectations, anticipating record revenues and profits in the period.

The UK new car market achieved an all-time high level of vehicle registrations in the year ended 31 December 2015 with 2,633,503 new vehicles registered according to the SMMT.

A positive consumer and business environment, with record levels of employment in the UK has boosted the new car market.

Vertu has 15 dealerships in Yorkshire which include the Farnell Land Rover business which is seen as the jewel in the company’s crown.

The Farnell Jaguar Land Rover business is one of the group’s star performers and there are plans to move the Leeds dealership to much bigger premises in a £2m investment in the business.

There are also plans to make a big investment at the Nissan and Volvo sites in Sheffield.