Vertu 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.
Despite the challenging economic conditions, Vertu CEO Robert Forrester said the company remains committed to building for the future and continue its long-term strategy to build scale, geographic coverage and deepen relationships with key automotive manufacturers.
He said: "I am delighted to welcome so many new colleagues to the group and look forward to integrating Helston and the team into Vertu Motors, particularly introducing our digital expertise. While there is uncertainty in the UK economy today, we continue to invest for the long-term and remain excited about the future for Vertu Motors.”
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South Tyneside wealth manager Fairstone acquired a South East business to boost the group's strategic growth plans.
Principals Mark and David Rawlings said they decided to join Fairstone as the firm was looking to partner with a proven national business to "provide the financial strength and stability needed to grow and prosper". The Hereford firm joined Fairstone's Downstream Buy Out (DBO) acquisition model in March 2020, as the country went into lockdown. Since then, it has seen a 13% increase in fee income.
The new acquisition will now receive further ongoing support to continue its growth, including a secondary capital event which could double its market value. Specialising in pensions and investments, the acquisition of Complete Financial Planning brings 11 advisers and staff into the group as well as over 1,300 clients and more than £170m funds under management.
David Rawlings said: "The Fairstone proposition appealed to us as it provides an opportunity to work closely with one of the UK's largest Chartered financial planning firms, to build our business together. We have been working closely with the Fairstone team over the past three years and the integration has been virtually seamless."
North East department store chain Fenwick is to close its main London shop after selling the building to property developers in a multimillion-pound deal. The company, first launched on Tyneside in 1882, says it has decided to sell the Bond Street building to strengthen its future foundations. It will use proceeds of the deal to bankroll significant investments in Fenwick stores, including its Newcastle flagship store.
Fenwick has not confirmed the sale price but it is understood the five-storey shop in central London and an adjoining property on New Bond Street sold off a guide price of £430m. The department store, which has traded for 131 years, will remain open until the start of 2024. Despite its location, it is the fourth smallest in the portfolio and takes only half as much in sales as the prominent Northumberland Street store in Newcastle.
CEO John Edgar said: “The capital injection from this transaction will put Fenwick in a much stronger position to grow its online business and concentrate on cementing our position as the home of excellent hospitality and a premium retail edit. After considering a range of different options, it was decided that selling the Bond Street property is the right course of action to set us on the strongest possible footing for the future.”
Marine and airport sunscreen manufacturer Solar Solve has been acquired by Surrey-based Rivertrace Limited in an undisclosed deal. The South Shields-based family business, which has been operating since the late 1980s, has become part of the oil and gas monitoring equipment firm which supplies thousands of systems worldwide. Filings at Companies House show the appointment of four Rivertrace directors to Solar Solve, including Andrew Hansen, Jill Coomber, Michael Coomber and Martin Saunders.
At the same time, Solar Solve co-founder John Lightfoot and his daughter Julie Lightfoot, now managing director of the company, were removed from the register. The move brings to a close more than 34 years in the business for 79-year-old Mr Lightfoot, who set up the company with his late wife Lilian.
The pair established Solar Solve in 1988, having first gone into business together in 1975 when they launched Northern Window Blind Company from a shop in Sunderland. With just two employees the business made and fitted roller blinds and screens before securing a breakthrough order from Sunderland Shipbuilders for a forthcoming ship. Mr Lightfoot saw a gap in the market to supply the marine market and he changed the name of the business accordingly.
The newly launched Solar Solve's first customer of anti-glare roller sunscreens was the Sea Hotel, where the founders and their employees celebrated the 40th anniversary of the business in 2015. Now, Solar Solve exports its products to more than 87 countries on six continents.
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