Vertu Motors PLC has acquired Harrogate’s Nidd Vale Vauxhall dealership for £800,000.
The acquisition comes two weeks after the Harrogate Advertiser reported that 90-year-old Nidd Vale had gone into administration.
Vertu revealed today it has acquired the business and certain assets of the dealership, and the dealership’s 50 employees will retain their jobsThe Gateshead-based company, which has a network of 90 outlets nationwide, including 12 Vauxhall dealerships, has entered into a short-term lease at the Leeds Road premises.
The group is planning to move the dealership to a new development in Knaresborough within the year, and the Leeds Road dealership will be rebranded as a “Bristol Street Motors” site imminently.
Robert Forrester, CEO of Vertu Motors plc said: “Following the acquisition of the Bradford Nissan and Renault dealerships in September, the group is keen to develop the scale of its operations in Yorkshire.
“Nidd Vale has in the past been a very strong Vauxhall dealer with a substantial customer base.
“This acquisition represents a great opportunity for the group to develop its relationship with Vauxhall and to represent the Vauxhall brand in this area.”
Vertu Financial Director Michael Sherwin said: “We have taken on 50 new colleagues, and they will be looking forward to a future working with Bristol Street Motors.
“The branding will be up at the Leeds Road site quite soon.”
For the year ending June 30, 2012, the draft management accounts of Nidd Vale, including its other brands Seat, Mazda and Saab, showed a turnover of £24.2m and an operating loss of £700,000.
Saab declared bankruptcy in December 2011.