LONDON (ShareCast) - Automotive retailer Vertu Motors has completed the acquisition of two car dealerships for a combined £8m.
The Gateshead-headquartered company has bought Lancashire-based Bury Land Rover from a subsidiary of Pendragon for approximately £7m.

The car dealership reported revenue of £41m for the year to end of December and Vertu said it expected the acquisition to contribute to its earnings in the current financial year.

The London-listed company also confirmed it had also completed the acquisition of Bradford Jaguar from a subsidiary of Lancaster for £900,000.

The acquisitions, which the group described as being of strategic significance, bring the number of Jaguar dealerships Vertu operates to two, while the number of Land Rover dealerships run by the company now stands at five.

"Since 2013, the board has considered it strategically important to balance the group's representation of volume franchises, with increased exposure to premium franchises," said group chief executive Robert Forrester.

"Today's announcement is a further step along this path with further extensions of our Farnell Land Rover and Jaguar brand."

Vertu shares were up 1.85% to 55.00p at 09:35 on Friday.

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