LONDON (ShareCast) - Vertu Motors has acquired Hillendale Group, which operates a Land Rover dealership and a Jaguar dealership in Lancashire.

The total consideration, which includes £6.4m of goodwill, is estimated at £8.2m, of which £2.0m will be settled by the issue of 3.41m Vertu shares at 58.64p each and the balance settled in cash from the group's existing resources.

The vendor has agreed to not dispose of these new shares for a period of 12 months from completion, except in certain limited circumstances.

The acquired assets include two leasehold properties, one of which is a long leasehold.

For the year ended December 31st 2013, Hillendale delivered turnover of £34.9m and earnings before interest, tax, depreciation and amortisation of £1m. The acquisition is expected to be earnings enhancing in its first full-year of ownership.

NR

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