VERTU Motors has bought commercial vehicles retailer Vans Direct for £7.5 million.
The deal was announced on London Stock Exchange today. Chief executive Robert Forrester describing Vans Direct as being “synergistic and parallel to” its existing core motor retail business.
He added: “This is an exciting development in a growing space, which is synergistic and parallel to our core motor retail business and which strengthens our multi-channel offering.
“We expect Vans Direct to generate an earnings stream with higher gross and net margins than those typically earned by the group, and we believe that the future growth prospects for this new business are significant.
“By working with the complementary skills of the Vans Direct team and the group’s existing operations, we believe that we can build a significant business which will meet the needs of a wider range of customers.”
Vans Direct has been the winner of the ‘Best Van Leasing Broker’ award from the Leasing Broker Federation for the past three years.
Operations director Richard Simmonds will join Vertu along with its team of 42 employees. Managing director Jane Pocock will remain a non-executive director of Vans Direct following the acquisition.