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Vertu Motors Buys Wiper Blades For £3.5 Mln In Cash

Vertu Motors Plc (VTU.L), a British automotive retailer, said on Friday that it has acquired Wiper Blades Limited, an e-commerce business focused on on-line sale of car wiper blades and other products, for a cash consideration of 3.5 million pounds.

The purchase price includes 1.1 million pounds of cash and a payment in respect of goodwill of 2.4 million pounds.

The acquisition is expected to be earnings enhancing for the current fiscal.

Robert Forrester, Chief Executive of Vertu Motors said: "Our e-commerce parts business is performing strongly and the addition of Wiper Blades will be accretive both financially and strategically to that part of the Group. The acquisition is in line with our strategy to develop ancillary businesses which complement the core business and enrich our digital capabilities to continue to provide technology leading edge service to our customers."

For the year ended in August 2021, the newly acquired business had posted revenues of 2.2 million pounds with a profit before tax of 0.5 million pounds.

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