Vertu Motors acquires five further outlets in Derby

Vertu Motors has acquired five outlets in Derbyshire for £18.7m, including its first Toyota dealership and sixth with Land Rover.

Vertu acquired Gordon Lamb Group Limited, which operates Toyota, Land Rover, Skoda and Nissan outlets in Chesterfield and the Skoda outlet in Derby.

The acquisition, which increases the number of Vertu outlets in Derbyshire from 10 to 14 and so provides synergies around marketing and management, is expected to be earnings enhancing in its first full year of ownership.

For calendar 2015, Gordon Lamb generated revenues of £85.8m, adjusted EBITDA of £2.9m, adjusted PBT of £2.7m and had net assets of £10.2m at the period end.

"Gordon Lamb is a much respected and well established business operating in Derbyshire, a core territory of ours," said Vertu chief executive Robert Forrester.

"It is a business we have long admired and I am delighted to welcome them to the Vertu group. I see a very clear cultural, strategic and business fit."

At the company's 29 February year end it had net cash of £23.1m.