Birmingham and the West Midlands have been described as “the heartbeat” of fast growing vehicle retailer Vertu Motors.

Chief executive Robert Forrester ackowledged the importance of the company’s Midland base as Vertu, parent company of Bristol Street Motors, reported a 22 per cent rise in revenue, an increase in the number of dealerships and payment of a dividend to shareholders for the first time.

Established in 1996 Vertu is going onwards and upwards in terms of expansion. It ended the year in February with 75 outlets nationwide, up from 59, and it has already added another two since then, with more acquisitions in the pipeline.

Revenues were up by around £180 million from 2010 to almost £1 billion, with profit before tax of £5.3m – up more than 13 per cent on 2010.

Mr Forrester said: “I think we have got a nice business and have got a strategy of expansion which is delivering us profit improvements.

“We have a fantastic management team and some very high performing people within the group. We are a Midlands-based business, 39 out of 77 outlets are within the East or West Midlands.

“Bristol Street Motors is the heartbeat of our business in Birmingham and the Midlands.

“I think the West Midlands has seen a return of confidence and our Birmingham businesses have been performing very well in the last six months.

“We went through a bit of a rocky time when the automotive business was doing poorly but there are a lot of positives.

“I’m not saying we are in an economic boom but we are clawing our way out.

“The positive effect of Jaguar Land Rover on the West Midlands cannot be understated.”

Mr Forrester admitted the year had been difficult due to the conclusion of the Government’s scrappage scheme – which led to a surge in new car sales – ending in April 2010.