Car dealership boss looks at acquisition trail
The Shropshire-born boss of a major car retailer has hailed a fifth successive year of growth, as Vertu Motors increased revenue by 16.5 per cent to £2.8 billion.
The firm, founded 10 years ago by former Whitchurch schoolboy Robert Forrester, also saw pre-tax profits rise by 14.6 per cent to £29.8 million in the year to February 28.
Mr Forrester said: "Since our inception 10 years ago, Vertu has remained focused on consolidating the UK automotive retail sector to grow a scaled and sustainable dealership business.
"Today's results, our fifth consecutive year of growth, evidences our continued delivery of this strategy.
"Significant acquisitions have been integrated through the year and have enriched the premium mix of the franchise portfolio."
The company, which does not own any dealerships in Shropshire, has been on the acquisition trail in recent years, and is now primed to continue expanding.
The Bristol Street Motors owner said that the car sales market remains "fragmented", and it expects the sector to become consolidated into fewer, large-scale national brands.
Mr Forrester added: "Our strong balance sheet with net cash of £21 million together with our unutilised debt facilities provide scope for further scaling-up in due course to drive value and further enhance shareholder returns."
