Vertu ready for Scots move 27 | 10 | 2010

VERTU MOTORS is preparing for a further expansion into Scotland after finalising a £25 million refinancing deal with Barclays Corporate. The new deal will allow the Gateshead-based dealer group to refinance its existing borrowing and support its future growth plans.

“Barclays has been very supportive of our requirements and play an integral part in our plans for future growth," Michael Sherwin, Vertu finance director, said. “With the new financial structure in place, we are now able to focus on further acquisitions. We intend to be pro-active in taking advantage of the opportunities the current climate presents.”

Originally formed in 2006, Vertu Motors is now the eighth largest motor retailer in the UK, employing 2600 staff in 74 sales outlets, including its recent acquisitions in Glasgow, Hamilton and Dunfermline.

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Jim McGill