Vertu, the automotive retailer with 156 sales outlets across the UK, has acquired Farmer & Carlisle Holdings Limited in a £9.2m deal.
The business operates two Toyota franchise dealerships located in Loughborough and Leicester.
For the year ended 31 December 2020, the business achieved revenues of £29.2m and a statutory reported profit before tax of £0.6m. The acquisition is expected to be earnings enhancing for the year ending 28 February 2023 (FY23).
The group’s systems and processes will be implemented immediately and the business will be branded Vertu.
Robert Forrester, CEO of Vertu Motors, said: “We are delighted to announce the group’s expansion with the much sought-after Toyota franchise.
“The addition of more Toyota sales outlets to the group’s portfolio has long been a strategic objective of the group since we envisage the brand gaining market share in the medium-term and being well positioned to take advantage of opportunities as the wider automotive sector evolves.”
