Car retailing group Vertu Motors has warned the rising cost of living and long running vehicle supply issues are likely to impact its performance.
In a sobering pre-trading update that marked a major contrast from recent announcements from the Gateshead firm, Vertu said it was mindful of its rising energy costs as a below market rate fixed contract comes to an end this month. The North East-based firm operates 160 showrooms and aftersales sites around the country and said it would turn to a new energy purchasing strategy which includes the use of off-grid power.
The removal of Government business rates - which had previously saved Vertu £5.2m in the first half of 2021 - was also said to be a factor in rising costs.
