North East automotive retailer Vertu Motors has acquired the Derby multi-dealership site which it has operated from since 2012, in a move it says secures the strategically important location.
In a £7.1m deal, plus fees, Gateshead based Vertu has taken control of the freehold and long leasehold interests of the 5.5 acre site, where it acquired dealerships from Co-operative Group Motors Limited ten years ago.
A lease on the premises was granted to the Vertu at the time of the purchase and is due to expire in February 2026.
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The site hosts four dealerships including Nissan, Skoda, Renault and Dacia and Peugeot, along with a Bristol Street Motornation used vehicle outlet.
Robert Forrester, chief executive of Vertu Motors said: "I am delighted to have secured the long-term interest in this important location for the group. The five successful sales outlets located here make a positive contribution to group performance and are a significant part of Bristol Street Motors representation in the East Midlands."
In February Vertu told investors it expected to record £75m adjusted pre-tax profit when it announces its preliminary 2022 results in May, thanks to what it called an "extraordinary" trading period.
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