Vertu Motors PLC Pre-close trading update (5146P)
01 September 2017 - 4:00PM
UK Regulatory
TIDMVTU
RNS Number : 5146P
Vertu Motors PLC
01 September 2017
1 September 2017
Vertu Motors plc
("Vertu Motors" or the "Company")
Pre-close trading update
Vertu Motors, the automotive retailer with a network of 124
sales and aftersales outlets across the UK, is pleased to provide
an update on trading before entering a close period.
Since the trading update provided at the Annual General Meeting
held on 26 July 2017, the Group has continued to trade in line with
the trends set out in that update and in line with market
expectations.
On 31 August 2017 the Group disposed of its freehold Jaguar Land
Rover dealership property in Leeds ("the Property") to a client of
Aberdeen Standard Investments, and entered into a sale and
leaseback commitment for 15 years on the Property. The
consideration for the sale of the Property, settled in cash, was
GBP14m and the book value of the Property was GBP10m. The profit on
the sale will be accounted for as an exceptional profit in the
Group's financial statements.
The Group's Chief Executive Officer, Robert Forrester, commented
as follows:
"Our trading continues as expected. The sale and leaseback
transaction realises a significant gain on a flagship dealership
property and releases additional funds for investment in growth
opportunities. We continue to ensure efficient allocation of
capital through the share buy-back programme and strategic
management of our property portfolio, which was stated at GBP182m
in the Group balance sheet at 28 February 2017, realising value
where it is appropriate to do so."
The Group will announce its results for the six months ended 31
August 2017 on 11 October 2017.
For further information please contact:
Vertu Motors plc Tel: 0191 491 2111
Robert Forrester, CEO Tel: 0191 491 2112
Michael Sherwin, CFO
Canaccord Genuity Limited Tel: 020 7523 8000
Bruce Garrow
Chris Connors
Richard Andrews
Tel: 020 3829 5000
Zeus Capital Limited
Dominic King
Tel: 020 3757 4983
Camarco
Billy Clegg
Tom Huddart
Notes to Editors
Vertu Motors, the UK automotive retailer with a proven growth
strategy, is the sixth largest automotive retailer in the UK with a
network of 124 sales outlets across the UK. Its dealerships operate
predominantly under the Bristol Street Motors, Vertu, Farnell and
Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy
to consolidate the UK motor retail sector. It is intended that the
Group will continue to acquire motor retail operations to grow a
scaled dealership group. The Group's acquisition strategy is
supplemented by a focused organic growth strategy to drive
operational efficiencies through its national dealership network.
The Group currently operates 121 franchised sales outlets and 3
non-franchised sales operations from 104 locations across the
UK.
Vertu Motors Group websites - www.vertumotors.com /
www.vertucareers.com
Vertu brand websites - www.bristolstreet.co.uk /
www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk
/ www.farnelllandrover.com / www.farnelljaguar.com /
www.vertuvolkswagen.com / www.vertumercedes-benz.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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