Vertu Motors plc, the automotive retailer with a network of 90 sales and aftersales outlets across the UK, has announced that it has acquired the business and certain assets of the Vauxhall dealership in Harrogate, of Nidd Vale Motors Limited for a consideration of £0.8m with no goodwill being paid.
Nidd Vale had previously been in administration.
Vertu has entered into a short term lease at the Leeds Road, Harrogate premises currently occupied by Nidd Vale, and the Group is planning to relocate the Vauxhall Business to a new dealership development in Knaresborough, an established motor retail location five miles from the existing site, within the next 12 months. The Group now has 12 Vauxhall dealerships.
For the year ended 30 June 2012 the draft management accounts of the Harrogate business, which include non-Vauxhall income streams, showed a turnover of £24.2m and an operating loss of £0.7m.
Robert Forrester, CEO of Vertu Motors plc said:
Following the acquisition of the Bradford Nissan and Renault dealerships in September, the Group is keen to develop the scale of its operations in Yorkshire.
Nidd Vale has in the past been a very strong Vauxhall dealer with a substantial customer base.
This acquisition represents a great opportunity for the Group to develop its relationship with Vauxhall and to represent the Vauxhall brand in this area.
The company also tweeted today “Just back from Harrogate, Bristol Street Motors flags going up on Leeds Road at former Nidd Vale. 51 jobs safeguarded”
Nidd Vale had previously employed over 100 people.