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Vertu Motors has completed the acquisition of the Bristol Street Group creating the eleventh largest dealer group in the UK.
Vertu will grow further
The highly acquisitive business, which only formed in December last year, has bought a placing of shares in Bristol Street worth £26.2m, giving it full control of the company.
Vertu has made no secret of its desire to take advantage of the UK’s highly-fragmented automotive retail market and further acquisitions are expected.
We can take advantage of consolidation opportunities in the UK, Forrester
The Bristol Street business will be used as a platform for expansion across the country as Vertu attempts to establish the name as a national brand.
Chief executive of the company Robert Forrester said: “The completion of this transaction is the first step in the delivery of our strategy and provides us with the perfect platform from which we can take advantage of consolidation opportunities in the UK motor retail market.”
The deal will see 32 franchised sites and three used car supermarkets transfer to Vertu along with 1,700 staff.