Motor dealer Vertu Motors (LON: VTU) is in talks to acquire Helston Garages Group Ltd. This would be funded by debt. The controlling party of the company is the executors of the estates of former directors David Stanley Carr and Betty Vera Carr.
Helston Garages is based in south west England and it focuses on premium automotive marques. It has 37 dealerships, plus two used car sites. There are five dealerships for BMW, Peugeot and Volvo. Other manufacturers include Land Rover, Mini, Skoda and Jaguar.
In 2021, revenues were £626.7m, which is slightly lower than the £643.4m generated in 2019, although gross profit was higher at £43.5m. It will probably be difficult to maintain that profit level because of the bumper used car profit. Pre-tax profit was £30.4m, compared with £12.9m in 2019.
Net cash was £10.8m at the end of 2021 and NAV was £136.2m.
