LONDON (ShareCast) - (ShareCast News) - Car retailer Vertu Morors has completed the acquisition of Audi and Volkswagen dealer SHG Holdings for £12.8m in cash.
The deal for the Hereford-based outlet will add Volkswagen commercial vehicles to Vertu's operations for the first time and will also introduce the Audi brand to the company's portfolio, Vertu said in a statement on Thursday.

"We are delighted to announce the introduction of Audi to the group, which is a further step in the growth of our premium business, following the success of the Farnell acquisition and our subsequent profitable growth with Jaguar Land Rover," said group chief executive Robert Forrester.

"This is an example of the long-term approach we take to investing in the future success of the group."

SHG also owns a Volkswagen parts distribution facility in Gloucester and a used car and aftersales site in South Herefordshire.

Vertu shares were down 0.45% to 66.70p at 1132 BST on Thursday.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE