Muckle advise Vertu Motors on significant acquisition
We’re delighted to have advised Vertu Motors plc on its acquisition of Helston Garages Group.
Lawyers from our corporate, real estate, banking and employment teams advised Vertu Motors on the deal which helps drive forward the group’s strategy to expand into new regions and introduce new manufacturer partners.
Helston operates 28 franchised sales outlets in the South-West of England, which will be added to Vertu Motors’ existing footprint of 164 outlets, and the deal also welcomes Ferrari and Volvo to Vertu Motors’ group.
Total consideration of £117m, net of cash and cash equivalents of £65m, has been financed through a combination of re-negotiated and new debt facilities.
Strategic growth
Robert Forrester, Chief Executive Officer of Vertu, said: “We are delighted that Vertu Motors has agreed to acquire Helston and 28 dealerships, further evidence of the execution of our long-term strategy to build scale, geographic coverage and deepen our relationships with our key automotive manufacturers.
“We are particularly pleased that we have received strong support for the acquisition from our manufacturer partners and our lending banks to support the deal. Volvo and Ferrari are introduced to our portfolio, which is a very proud moment for the Group.
“Helston has a long track record of delivering strong profitability and we have admired the Group for a long time. The acquisition will be both financially and strategically accretive for Vertu Motors, delivering long term value creation for our shareholders. We now have 32 dealerships in the South West, which becomes a core region.
“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."
Expert advice
Solicitors from across the firm provided Vertu Motors with legal advice on the deal.
Philip Clare, partner in our corporate team, led on the acquisition with support from real estate partners Jason Wainwright and Gail Bennett, corporate team associate Stephanie Brown, banking team partner Louise Duffy and employment team partner Lisa Kelly.
For more information about acquisitions, please contact Philip Clare using [email protected] or 0191 211 7971.