Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
Vertu Motors has bought Leeds Jaguar from Inchcape Retail for £650,000, including £500,000 of goodwill.
The move forms part of Jaguar Land Rover’s strategy to have both brands under common ownership in each UK market territory.
The break-even Jaguar business will operate from its current premises in the short term and will then relocate to a newly developed site alongside the group’s existing Leeds Land Rover operation.
Following completion the group will operate five Land Rover dealerships and three Jaguar dealerships trading as Farnell.
Vertu said it expects the dealership to be earnings neutral in the current financial year and earnings enhancing thereafter.
Robert Forrester CEO of Vertu said: “We are delighted to be able to announce a further acquisition to augment our Jaguar Land Rover business in the North of England.
“Leeds Jaguar will complement our award-winning Land Rover operation in Leeds and will strengthen our Farnell brand in the North.
“The Jaguar brand is set for significant expansion given the fantastic new models that are being launched, such as the F-Pace. The Jaguar line-up is now more extensive than in its entire history.”