Car retailer Vertu Motors has snapped up an online vehicle parts business in Kent for £2.2 million.

Who’s Ace Holdings Ltd, based in Sittingbourne, runs the AceParts website, which had revenues of £4.8 million in the year to March.

Bosses at Vertu, a network of 119 sales and aftersales outlets across the UK, said the firm would bring “significant know-how” in the online parts market and “accelerates the group’s presence in this growing channel”.

AceParts was founded by Alan Friedman and Ben Friedman, both of whom will be joining Vertu along with their team of 21 staff.

The firm managed a gross margin of 19% according to its latest accounts and had earnings before interest, taxes and other charges of £0.6 million.

It is expected these earnings will increase in the first full year under its listed owner.

Vertu Motors chief executive Robert Forrester said: “This is an exciting development in a growing space, which is parallel to our core motor retail business and has synergies with it.

“We expect AceParts to generate an earnings stream with higher gross and net margins than those in motor retail, and we believe that the future growth prospects for this new business are substantial.

“By working with the niche skills of the AceParts team and the Group’s franchise partners, we believe that we can build a significant business which will meet the needs of a wide range of customers seeking specific vehicle parts.”