The Taxi CentreTaxicentre
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Engines Vertu purchases the Taxi Center
Engines Vertu has recently completed the announcement of the purchase of The Taxi Centre, a company based in Paisley, Scotland, which purchases cars for retail taxi use. It also covers Vehicle Finance. Overall, the price, which incorporates 1.1 million of GBP 1.1 million of good will, is valued at 0.7 million GBP, of which 0.2 million GBP will be offset by the issuance of 343,053 Vertu common stock at 58.3p per stock, the remainder being paid in the form of the Group' s available resource in the form of liquidities.
We have an earn-out agreement in which the seller earns 20% of the pre-tax income of the taxi centre over a three-year term after it is completed. By 2013, the taxi centre's managerial account had a turnover of 9.7m and an operating margin of 0.4m in the form of cash. Mr Vertu said that the Vertu Executive Committee expected this takeover to lead to an increase in profitability in its first full year after the takeover and is optimistic that the Vertu Group will continue to grow profitably in the coming years.
Vertu Motors CEO Robert Forrester said: "For the Group, the takeover of this cash-generating unit will lead to profitable synergies in the delivery of new and used cars. Looking forward to welcome the seasoned taxi centre staff to the expanding Vertu Group." Mike Allen, analyst at Zeus Capital, who serves as a Vertu broker:
"Ertu has acquired a special agent for the personal taxi industry who appears to be an above avarage solvent generating company with an appeal. "It should be a good opportunity to grow and enhance this store as it leverages its on-line skills while extending its range of customers to the used car area.
"We still consider the share to be downgraded, and in view of further M&A activities, which will probably release the value from the cash-rich statement of financial position, we remain favourably disposed towards the shares."