Vertu Motors is acquiring the three Farnell Land Rover dealerships of Co-operative Motor Group in a £31m deal.
Vertu Motors has acquired the trade and assets of three motor retail locations from Co-op Motors for an estimated £5.5m, of which £3.9m is to be deferred over three years with the balance being settled in cash from the group's existing resources.
The Co-Operative Motor Group has confirmed it is looking to reduce its network of 11 down to six locations.
The Co-operative Motor Group saw sales increase by 4% from £267 million to £277m across its business in its preliminary results ended December 31, 2011.
The Co-Op Motor Group has opened a £1m new showroom for Land Rover and Range Rover in Leeds.
