Source - Alliance News

Vertu Motors PLC - Gateshead, England-based car dealership chain with 193 outlets - Says company records at Companies House are ‘falsely amended by a malicious actor’ to say that several directors have resigned, replaced by two new ones. Vertu confirms its board remains unchanged, and it is working with Companies House to have the public record corrected.

Separately says it has bought Rowes Garage Ltd, which has four sales outlets in south west England. Vertu will pay £6.2 million, which includes freehold properties worth £3.6 million, from existing cash reserves. Rowes has been in business for 90 years. It has Honda dealerships in Plymouth, Plymstock and Truro and a Suzuki outlet in Plymouth. Vertu notes this expands its relationship with Honda Motor Co Ltd to 17 outlets in the UK. Rowes booked operating profit of £745,000 in 2022 on revenue of £30.2 million. Rowes is expected to contribute a loss for final four months of financial 2024, which ends on February 29 but will be earning enhancing in it first full year of ownership, Vertu says.

Current stock price: 76.00 pence

12-month change: up 57%

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