Vertu completes BMW purchases from Inchcape

Vertu have completed the purchase of five BMW and Mini businesses from Inchcape. Included in the deal is one BMW Motorrad business and a used car site.

It is understood that Vertu paid less than £1 million in goodwill for the businesses. The financing for the dealerships is said to be supported by a long-term mortgage from BMW Financial Services.

The BMW Mini sites are located in Durham, Malton, Stockton, Sunderland and York. The used car site is in York and the Motorrad in Sunderland.

Vertu has brought in BMW expert Anthony Masterson to run the division and turn around the loss-making sites. Mr Masterson was a partner in Knights BMW which sold to Lookers in 2016. More recently he been Marshall Motor’s BMW division boss.

The sale by Inchcape is thought to be part of a plan to sell-off the retailer’s entire BMW portfolio which stood at 12 franchises at the start of the year.

Meanwhile, Vertu is also understood to have also bought an empty property in Glasgow from Lookers, next door to its Ford and Nissan showrooms. Vertu will run the site as a used car operation under the Macklin Motor Nation banner. Vertu has a habit of adding sites as used car operations which it later fills with a franchise. The ex-Inchcape York used car site will be operated under the Bristol Street Motor Nation banner.