Vertu Motors has change into the UK’s largest BMW Motorrad motorbike retailer with the £4.2 million acquisition of two Yorkshire dealerships from Saltaire Motor Firm, buying and selling as Allan Jefferies.
The deal, introduced through the London Inventory Change, comes nearly 12 months after the AM100 PLC joined the German premium model’s retail community via the acquisition of 12 BMW, Mini and BMW Motorrad franchised motor retail outlets throughout 5 areas from Inchcape’s Cooper BMW division.
Commenting on the addition of the BMW Motorrad franchise factors in Shipley, close to Bradford, and Rotherham, Vertu chief govt Robert Forrester mentioned: “Our enterprise is performing strongly and the addition of two additional BMW Motorrad retailers will likely be accretive each financially and strategically to the Group. Vertu turns into the biggest companion within the UK for BMW Motorrad.”
Within the full yr 2021, BMW Motorrad was the UK market chief within the large bikes class with a 16.6% market share.
Vertu at the moment operates one Motorrad outlet in Sunderland, acquired as a part of the Inchcape deal in 2020.
Paulo Alves, the pinnacle of BMW Motorrad UK and Eire, mentioned: “We’re delighted to assist the acquisition of the superb Allan Jefferies enterprise in Yorkshire by Vertu.
“The Jefferies household have constructed a improbable operation and we’re assured that the enterprise will likely be in good palms.
“As a number one model, our prospects take precedence and we share this philosophy with Vertu.
“We welcome them as our largest companion within the UK.”
Allan Jefferies has been buying and selling as a family-run enterprise, spanning 4 generations over 120 years, since 1901 and has represented the BMW model since 1971.
Following the acquisition by Vertu, its BMW Motorrad dealerships in Shipley and Rotherham will each be rebranded to commerce below the Vertu model.
They’ll kind a part of a Vertu Bikes division which now operates six motorbike retailers with BMW Motorrad and Honda.
Vertu’s assertion mentioned the Allan Jefferies enterprise had achieved revenues of £20.5 million and an working revenue of £463,000 in its monetary yr to September 29, 2021.
The enterprise has been acquired for a complete consideration estimated at £4.2m, topic to finalisation of completion accounts, and features a freehold property worth of £1.85m and a fee in respect of goodwill of £0.5m.
Vertu mentioned: “As a result of seasonality of bike gross sales, the Enterprise is predicted to contribute a small loss for the remaining 4 months of the monetary yr and is predicted to be earnings enhancing in its first full yr of possession.”
Final month Vertu Motors chief govt Robert Forrester mentioned his enterprise may grow “anywhere at any time” after revealing H1 results which recommend it’s scaling the AM100 rankings.
A primary half buying and selling replace from the PLC behind Vertu Motors, Bristol Avenue Motors and Macklin Motors revealed adjusted revenue earlier than tax of £28.2 million (H1 FY22: £51.8m) on revenues up 3.9% at £2bn.