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Vertu will part ways with Jaguar in Bolton, Exeter, Guiseley, Taunton and Truro as part of an overhaul of Jaguar Land Rover’s network.
Vertu currently operates six Jaguar outlets, in addition to the Land Rover brand.
From November 2024, only the group’s outlet in Leeds will continue to represent the Jaguar and Land Rover brands.
Intangible assets related to Jaguar’s discontinued operations of £1.5 million were written off as non-cash impairment charges for the year.
Vertu’s investment in JLR is significant. In 2018, the company pumped £10 million into the opening of its JLR business in Bolton. In 2019 he invested £4 million in his Guiseley dealership.
In March Motor Trader reported that Jaguar Land Rover was exercising control of its dealer network in what it hopes will radically reshape its UK business.
Motor Trader was told by a dealer source that the number of dealers could be cut from 88 to 18. The new Jaguar EV range in the future will range in price from £100,000 to £200,000. Future UK sales of Jaguar’s new EV range will be cut radically to 6,000 per year.
The Arch concept will move into the House of Brands for the Defender, Range Rover and Discovery.
JLR undertook a seismic restructuring of the network in 2016, aiming for co-ownership of the two brands in each market region with 117 Land Rover and 84 Jaguar locations reduced to 138 run by 35 partners.
Overall, JLR dealerships are investing £1 billion in UK locations with a new corporate look as part of JLR’s UK network overhaul.
JLR issued a holding statement to Motor Trader saying it wanted to build a “sustainably profitable Jaguar and Land Rover network for the future.
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