Lookers PLC
01 August 2005
1 August 2005
Lookers plc
Acquisition of PLP Motors Limited
Lookers plc, today announces the completion of its acquisition of PLP Motors
Limited which comprises of Vauxhall dealerships in Warrington and Widnes,
Chevrolet, a Saab Service Centre, and a bodyshop in Warrington. The acquisition
increases our Vauxhall outlets from 14 to 16 and adds Chevrolet to our portfolio
for the first time.
The consideration in cash is approximately £3.2 million, which equates to net
assets. The acquisition will add around £35 million to Lookers' annual turnover
and further strengthens our relationship with Vauxhall.
Commenting, Ken Surgenor, Chief Executive said:
'We are delighted to acquire this business which reinforces our position as the
UK's largest Vauxhall dealer group, bringing the total number of outlets in the
Group to 16. In addition, a new Vauxhall outlet is scheduled for completion by
September of this year in Belfast, Northern Ireland. We now operate significant
market areas in the North West of England, Birmingham and Northern Ireland.
This acquisition will increase Lookers' annual sales of Vauxhall units to over
20,000.
In addition, PLP gives us our first Chevrolet outlet in the UK and a Saab
service centre ideally positioned to support our existing Saab operations in
Liverpool and Chester. We are currently reviewing opportunities to increase our
representation of the Chevrolet franchise.
We fully expect this business to contribute positively to earnings in the next
financial year. Through leveraging our proven market area approach with these
franchises, we will benefit from further operational efficiencies.'
Lookers will release its interim results on 5 September 2005 and despite
challenging market conditions in the retail sector of our new car business, the
Group will announce results in line with expectations.
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
This information is provided by RNS
The company news service from the London Stock Exchange
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