Lookers PLC
16 December 2005
16 December 2005
Lookers plc acquires six dealerships from HR Owen PLC
Lookers plc, one of the UK's leading multi-franchise motor retail groups, today
announces a conditional agreement to acquire the business and certain assets of
six dealerships from HR Owen PLC comprising six PAG franchises including two
Jaguar, two Land Rover and two Volvo dealerships, located in Colchester, Ipswich
and Bury St Edmunds adjacent to our existing PAG territory.
Completion is expected to take place early in the new year and is subject to
approval by the Shareholders of HR Owen and Landlords' consents to assign the
leaseholds of the properties.
The consideration payable in cash will be £2.2 million goodwill and
approximately £1.2 million of fixed assets together with the net book value of
stocks at completion.
The acquisition is expected to add approximately £50 million to Lookers' annual
turnover and is in line with the Group's strategy to expand the existing market
areas with preferred manufacturers in which Lookers already operate. The
acquisition will increase the Group's number of Land Rover outlets from six to
eight and the number of Volvo outlets from four to six, across the UK. Lookers
already operate five Jaguar outlets in Scotland and Northern Ireland and this
acquisition represents our first Jaguar outlets in England.
Commenting, Ken Surgenor, Chief Executive said:
'In line with our stated strategy, this acquisition not only strengthens our
portfolio of PAG businesses in the UK but also complements our existing
businesses giving us greater scale in the South East of England.'
For further information:
Ken Surgenor, Lookers Chief Executive: 0161 291 0043
David Dyson, Lookers Finance Director: 0161 291 0043
Andrew Hayes / James Hill, Hudson Sandler 020 7796 4133
Notes to editors:
Lookers plc, headquartered in Stretford, Manchester, is one of the UK's leading
multi-franchise motor retail groups. It operates over 86 franchised outlets and
36 vehicle servicing and parts sales facilities across the UK. It also owns
Charles Hurst, the largest motor dealer in Northern Ireland.
Lookers, which reported annual turnover of approximately £1.1 billion for the
year ended December 2004, represents 22 marques, roughly equally split between
volume (12) and prestige (10). The Group specialises in new and used car sales,
as well as servicing and parts distribution.
For further information on Lookers, including all its outlets in the UK and the
franchises it represents, please visit its website at www.lookers.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
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