Acquisition of Lomond Motors Limited

RNS Number : 9802G

Lookers PLC

05 July 2012

 



Acquisition of Lomond Motors Limited

Lookers plc, ("Lookers" or "the group"), one of the leading UK motor retail and aftersales service groups, is pleased to announce that it has completed the acquisition of Lomond Motors Limited ("Lomond").

Lomond operates four significant Audi Centre dealerships in key locations in Scotland, including Glasgow, Edinburgh, Stirling and Ayr, as well as the distribution of trade parts for the VW Group in Glasgow and Edinburgh.

Lookers has acquired the entire issued share capital of Lomond from Mr Hugh McMahon for a cash consideration of £15.0 million, which has been satisfied using the group's existing bank facilities.

The statutory accounts of Lomond for the year ending 31 December 2011 reported a profit before taxation of £0.7 million, with gross assets of £36.8 million and net assets of £5.3 million.

Lookers Chief Executive, Peter Jones, said:  "The acquisition is an important development in the group's representation of the Audi brand and our relationship with the VW Group and we are very pleased to be representing the brands in such key locations.  Lomond is a business for which we have tremendous respect and we are looking forward to welcoming its great team of people to Lookers."

The acquisition strengthens the group's presence in Scotland, where it operates as Taggarts Motor Group in Glasgow and Motherwell and represents the Land Rover, Jaguar, Volvo, Nissan, Peugeot and Hyundai brands.

For further information:

Lookers plc	Telephone:  [phone]
Peter Jones, Chief Executive
Robin Gregson, Finance Director
Tavistock Communications	Telephone:  [phone]
Catriona Valentine/Keeley Clarke

 

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