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Vertu acquisition saves 210 jobs
Page 51
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VERTU MOTORS, WHICH acquires and consolidates motor retail businesses, has bought half of the Midlands-based Brooklyn Motor dealership that went into receivership last month. The deal includes sites in Cheltenham and Worcester, and an Iveco authorised repairer in Redditch working for Iveco truck and van dealer Guest Trucks, in West Bromwich.
In all, 210 jobs have been saved, including 16 at the Redditch site. Grant Thornton was appointed the joint administrative receiver of Brooklyn Motors, which shed 100 jobs. The dealership incurred heavy losses over a number of years, says Grant Thornton, and was affected by the downturn in 2008.
Daniel Taylor, automotive partner at Grant Thornton, says the receiver was pleased it was able to save a majority of the workforce. "The solution has been delivered on the back of close co-operation between Ford and other financial stakeholders in the business," he says.
Robert Forrester, chief executive of Vertu Motors, which already has an Iveco Truck and Van dealer in Bristol Street Motors, says the firm was delighted. The new acquisition will work under the Bristol Street Motors banner. •