LONDON (ShareCast) - Vertu Motors has acquired the trade and certain assets of two Hyundai dealerships in Edinburgh from Phoenix Car Company and Archers of Edinburgh.

The two leasehold properties, situated in motor retail areas in the East and West of Edinburgh, were bought for an aggregate consideration of £0.7m for the group’s existing resources.

The acquisition takes the group’s portfolio to 101 sales outlets.

“This is an exciting milestone, and we are building the group's management and systems infrastructure to ensure that we can continue to grow the scale of the group and its ability to generate profitable growth for our shareholders,” said Chief Executive Officer Robert Forrester.

Shares fell 2.59% to 56.50p at 14:28 on Friday.

RD

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