CAR retailer Reg Vardy is preparing for a spending spree as it looks to buy more dealerships.

The Sunderland-based group has a publicly stated target of owning 100 showrooms by the end of this month and, at present, has 95.

Chief executive Sir Peter Vardy told The Northern Echo yesterday that he is preparing to get out his cheque book.

"We are looking at some very attractive opportunities at the moment," he said.

"If they come off before the end of the month, that would be nice, but if it takes a couple of months longer, so be it.

"We are more interested in getting the right ones, rather than buying anything just to get the numbers up.

"But we will reach the 100 and beyond." Reg Vardy has 95 dealerships across the UK, stretching from Aberdeen to Reading, employing 5,700 staff.

It sells about 200,000 new and used cars a year, including most of the major brands, plus specialist marques such as Aston Martin, Jaguar and Land Rover.

Its last expansion was announced in October, when it took on two sites in Teesside - one in Thornaby's Mandale Industrial Estate, and another at the former Peugeot dealership, in Brenda Road, Hartlepool.

The Brenda Road site was leased by the group to South Cleveland Garages, which closed after it went into receivership.

Reg Vardy is one of the biggest motor retailers in Europe, with annual turnover last year reaching £1.6bn.

However, it issued a profits warning in February after subdued trading in the third quarter of its financial year.

Analysts still expect pre-tax profits to reach £36.5m for the year to April.

The group has promised to honour warranties on Rover cars it has sold, whatever happens at the troubled Midlands plant.

Company history - see Business Features.