Car Dealer Acquires Small Taxi Supply Firm

The Journal (Newcastle, England), November 6, 2014 | Go to article overview

Car Dealer Acquires Small Taxi Supply Firm


Byline: MOTORS COREENA FORD coreena.ford@ncjmedia.co.uk

MOTOR dealer Vertu has expanded into the taxi sector through its latest acquisition. The Gateshead-headquartered business has struck a deal worth PS700,000 to acquire The Taxi Centre Limited and Easy Vehicle Finance Limited, which is based in Paisley, Scotland.

The firm said part of the deal, which includes PS1.1m of goodwill, which will be settled by the issue of 343,053 shares, with the rest paid in cash from the group's resources.

In addition there is an earn-out arrangement in which the acquired firm will earn 20% of the pre-tax profits of the Taxi Centre over a three-year period after completion.

Assets acquired include a short leasehold office property.

Established 10 years ago, The Taxi Centre employs eight people and sources vehicles for private operators in the taxi sector.

The firm supplies cars to the taxi and private hire industry for SEAT and Citroen in the UK, pledging to deliver vehicles within a week anywhere in the UK, or to pay for customers to fly to its operation in Glasgow to pick up cars, also reimburing fuel costs for driving home.

Last accounts, for the year ended December 2013, showed the firm made sales of PS9.7m and EBITDA of PS400,000. …

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