Vertu acquires David Penman Cars

Car dealership consolidator Vertu Motors has acquired Darlington-based David Penman Cars for £1.1 million.

David Penman Cars owns a Renault and SEAT dealership in Darlington. The deal is the fourth acquisition this year for Vertu and brings the total number of Renault dealerships to three, and it represents the first SEAT franchise, which is owned by Volkswagen, to join the group.

Robert Forrester, CEO of Vertu Motors said: ‘This acquisition in the North East of England strengthens the regional presence of the Bristol Street Motors Brand. This is our first partnership with a Volkswagen Group franchise and we see this as an important development and milestone.’

In the six months to August, Newcastle-based Vertu reported a five per cent decrease in revenue to £401.3 million, while pre-tax profits were up by 47.4 per cent to £2.8 million. 

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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