Motor retailer Vertu has added 28 sales outlets to its burgeoning portfolio after snapping up a premium car company in the South West in a £120m deal - the largest in the Tyneside firm’s history.
The Gateshead listed company has now welcomed Ferrari and Volvo into the group following the acquisition of Helston Garages Group Limited, a £499m turnover family firm.
Cornwall based Helston has been a family run business for more than 60 years, building up a network of quality dealerships across Dorset, Somerset, Devon and Cornwall, operating under brands including Westerly, Carrs and Truscotts, and at an enterprise value of £120.1m, the deal is represents 6.8 times the Ebitda of the acquired dealerships.
