- Auto dealer Vertu Motors said it had acquired Welsh online van retailer Vans Direct for around £7.5m.

The payment included an estimated amount regarding an earn-out arrangement rewarding an on-target performance over a two-year period, Vertu said.

'This is an exciting development in a growing space, which is synergistic and parallel to our core motor retail business and which strengthens our multi-channel offering,' chief executive Robert Forrester said.

For the year ended 31 October 2017, Vans Direct reported revenues of £34.6m, a gross margin of 11.7% and Ebida of £1.2m.

Vertu said it expected the acquisition to be immediately earnings enhancing.

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