Retail & Consumer Services

Vertu Motors plc

Company Description

Vertu has 185 sales outlets and is the fourth largest automotive retailer in the UK. Vertu Motors was founded in 2006 with the goal of consolidating the highly fragmented UK car retail market. The venture was floated on AIM in December 2006. The first acquisition was Bristol Street Motors. Vertu continued to buy more franchises, open new sites and build its exposure to premium brands, which now trade under the Vertu brand. This strategy took a major step forward in 2022 with the acquisition of Helston Garages, a chain with 28 franchised dealers focused on premium brands.

Investment Summary

Under its highly regarded management team, Vertu has built a leading position in the UK car retail market. It has a balanced portfolio of dealerships and a strong balance sheet. Recent corporate activity in the sector has seen overseas and private equity investors purchase other major dealership chains. Although, there are a number of uncertainties facing the UK motor retail market, most notably soft consumer demand and the transition to electric vehicles. However, Vertu is well placed to take advantage of these and we see no reason why it should not continue to grow through its proven acquisition based strategy.

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Company Management Team

  • Robert Forrester

    Chief Executive Officer

    Robert was a Director of Reg Vardy plc between 2001 and 2006 where he held the roles of Finance Director and Managing Director. Robert qualified as a chartered accountant with Arthur Andersen. He was also a member of the Economic Growth Board of the Confederation of British Industry. Robert founded the Company in 2006.

  • Karen Anderson

    Chief Financial Officer

    Karen was the Finance Director of the Group from 2006 to 2010 through its initial flotation and growth period, and stepped back into the Chief Financial Officer role from her role as Deputy CFO and Company Secretary. From 2001 to 2006 she was employed by Reg Vardy PLC, where she ultimately held the position of Group Financial Controller. Karen qualified as a chartered accountant with Arthur Andersen. She was also a Trustee Director of the Group's defined benefit pension scheme, the Bristol Street Pension Scheme from 2007 to 2019. Karen has a wealth of motor industry finance experience together with detailed knowledge of the operations of the Group, having helped to found the Company in 2006.

Key Dates

Mar 2023
2nd
Q4 TU
Actual
May 2023
10th
Finals
Actual
Jun 2023
28th
Q1 TU
Actual
Aug 2023
30th
Q2 TU
Actual
Oct 2023
4th
Interims
Actual
Dec 2023
7th
Q3 TU
Actual
Mar 2024
4th
Q4 TU
Actual
May 2024
15th
Finals
Actual
Jun 2024
28th
Q1 TU
Estimate
Aug 2024
30th
Q2 TU
Estimate
Oct 2024
4th
Interims
Estimate
Dec 2024
7th
Q3 TU
Estimate
Mar 2025
4th
Q4 TU
Estimate