Major car dealership axes jobs and Sunday opening The country's third largest car retailer says it is cutting jobs and closing its dealerships on a Sunday as part of efforts to cut costs amid tough trading and looming budget tax hikes.
The company said its bottom line had taken a big hit amid steep discounting industry wide in a bid to meet a government target for sales of new electric vehicles - the so-called ZEV mandate.
Vertu Motors, which has almost 200 sites operating predominantly under the Bristol Street Motors, Vertu and Macklin Motors brands, made the announcement while revealing an unscheduled profit warning.
Vertu warned on Thursday that because price cuts to attract sceptical electric buyers were likely to continue this year, it expected further pressure on margins and for sales volumes to remain depressed given the continuing squeeze on household budgets.
"The Government and the industry need to get together to address the root cause of the issues to allow the automotive sector in the UK to return to its traditional role of stimulating economic growth, which is a catalyst for employment.
