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Lancaster buys Lookers MB site for £5.1m

Lookers plc has sold SMAC Continental Ltd, its Mercedes-Benz dealership in Southend, Essex, for around £5.1m cash to the Lancaster group.

The dealership was Lookers' only Mercedes outlet and the sale follows the current reorganisation of MB-UK retail territories.

In the financial year ended December 31, 2000, SMAC made a pre-tax of £230,000. It was acquired, along with other SMAC properties, in 1989.

A Lookers statement said "The funds generated from the sale will be used initially to reduce gearing but are earmarked for further expansion opportunities. We are currently evaluating opportunities with Mercedes-Benz and other specialist franchises."

Lancaster's other Mercedes sites are at Ipswich (with a Colchester satellite), Bow (City of London, plus a Lakeside, Thurrock satellite), Hertford, Romford, Sheffield, Reading and Redhill.

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