LONDON, UK: Vertu Motors, a leading UK automotive retailer, has acquired Rowes Garage Limited, a Honda dealership with four outlets in the South West of England. The acquisition expands Vertu Motors’ presence in the region to 34 outlets and strengthens its relationship with Honda, which it now represents with 17 outlets in the UK.

The acquisition was funded from existing cash resources and is expected to be earnings accretive in its first full year of ownership. Rowes Garage Limited achieved revenue of £30.2 million and operating profit of £745,000 in the year ended December 31, 2022.

Vertu Motors CEO Robert Forrester commented: “I am delighted to deliver further expansion for the Group in the South West of England following the successful and accretive Helston acquisition. The long standing successful Rowes business is a great addition to the Group’s 14 existing Honda sales outlets and increases scale further in the South West where we will operate 34 outlets. We continue to execute our strategy to build a scaled business.”

Key Takeaways

• Vertu Motors has acquired Rowes Garage Limited, a Honda dealership with four outlets in the South West of England.
• The acquisition expands Vertu Motors’ presence in the region to 34 outlets and strengthens its relationship with Honda, which it now represents with 17 outlets in the UK.
• The acquisition was funded from existing cash resources and is expected to be earnings accretive in its first full year of ownership.
• Vertu Motors CEO Robert Forrester said the acquisition is in line with the company’s strategy to build a scaled business.

Vertu Motors agreed to acquire Helston Garages for £117 million