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Vertu snaps up Vans Direct
Date: Thursday, January 17, 2019 | Author: Sean Keywood
Online van seller Vans Direct has been acquired by automotive retailer Vertu.
The deal is estimated to be worth £7.5million.
Following the deal, Vans Direct operations director Richard Simmonds will be joining Vertu along with 42 colleagues, while Vans Direct managing director Jane Pocock will remain a non-executive director of the site.
Vertu has a network of 125 sales and aftersales outlets across the UK.
It says the deal will bring it significant know-how, and synergy opportunities with tis existing LCV businesses.
Vertu CEO Robert Forrester said: “This is an exciting development in a growing space, which is synergistic and parallel to our core motor retail business and which strengthens our multi-channel offering.
“We expect Vans Direct to generate an earnings stream with higher gross and net margins than those typically earned by the group, and we believe that the future growth prospects for this new business are significant.
“By working with the complementary skills of the Vans Direct team and the group’s existing operations, we believe that we can build a significant business which will meet the needs of a wider range of customers.”
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