Macklin Motors owner swoops

Vertu, the car dealership group that runs the Macklin Motors brand north of the Border, has revved up its presence in the south of England after bringing a long established Mercedes-benz dealership into its fold.

The group said it had acquired Hughes Group Holdings and its subsidiary Hughes of Beaconsfield for some £21.8 million.

Following the deal, Vertu’s network of sales and aftersales outlets across the UK has increased to 125.

Hughes has represented Mercedes-benz for more than 40 years, operating outlets in Beaconsfield and Aylesbury, which is an adjacent market area to Vertu’s existing Mercedes operations in Reading, Ascot and Slough.

The acquisition also brings the Mercedes-benz commercial van franchise to the group for the first time. Hughes also operates outlets for Skoda in Aylesbury, Jeep in Beaconsfield and Peugeot in High Wycombe and operates a vehicle preparation centre in Wendover.

Vertu chief executive Robert Forrester said: “The Hughes business has operated in the Beaconsfield area for over 40 years, and is very well established in this attractive market area, serving an excellent demographic profile for the Mercedes-benz brand. Our disciplined approach to allocating shareholders’ funds has meant that this is our first acquisition for over two years.”

In May, the firm said it was putting its foot back on the acquisition pedal after giving an upbeat outlook despite a fall in annual profits.

The group reported a 9.2 per cent decline in adjusted profit before tax to £28.6 million for the year to 28 February. Overall revenues dipped 0.9 per cent to just under £2.8 billion.

The Gateshead-based firm highlighted the strength of its balance sheet to fund growth opportunities and declared a full-year dividend of 1.5p per share, up by 7.1 per cent.