logo
  

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Labor Department's monthly jobs report as well as reports on manufacturing and service sector activity might get the attention of investors on Monday. OPEC+ meeting is scheduled for Wednesday. Geopolitical developments and oil prices might be closely monitored by investors. Earlier signs... The UK manufacturing sector shrank again in September as companies cutback production amid falling orders, final survey data from S&P Global showed on Monday. The S&P Global/Chartered Institute of Procurement & Supply manufacturing Purchasing Managers' Index posted 48.4 in September, up from 47.3 in August. Ukrainian forces liberated a village in the Donetsk region, and are closer to regain control of the neighboring Luhansk region, reports quoting the Ukrainian military say. Ukraine attacked Russian military units in the city of Kreminna during efforts to retake Luhansk on Sunday, according to a Ukrainian military spokesman. Both Donetsk and Luhansk are Russian-occupied areas that President Vladim
Follow RTT