Acquisition

RNS Number : 5748P

Lookers PLC

02 October 2013

 

2 October 2013

Lookers plc

Acquisition of Chipperfield Holdings Limited ("Chipperfield")

Lookers plc, ("Lookers" or "the group"), one of the leading UK motor retail and aftersales service groups, is pleased to announce the acquisition of Chipperfield which was completed on 2 October 2013.

Chipperfield operates a significant Land Rover dealership in Hertfordshire and Lookers has acquired the entire issued share capital of Chipperfield from the vendors, Mr Graham Price and Mrs Barbara Price, for a cash consideration of £10.4 million, which has been satisfied using the group's existing bank facilities.

The statutory accounts of Chipperfield for the year ending 30 April 2013 reported revenue of £26.1 million, a profit before taxation of £0.4 million, with gross assets of £5.6 million and net assets of £2.5 million.

Lookers Chief Executive, Peter Jones, said: "The acquisition is an important development in the group's representation of the Land Rover brand in the South East and complements our existing Land Rover businesses in Battersea and West London. Chipperfield is a business for which we have tremendous respect and we are looking forward to welcoming its great team of people to Lookers."

For further information:

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

 

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