The acquisition increases Lookers’ Vauxhall outlets from 14 to 16 and adds Chevrolet to its portfolio for the first time. The consideration in cash is approximately £3.2m. The acquisition will add around £35 million to Lookers’ annual turnover and further strengthens our relationship with Vauxhall.
Lookers’ chief executive Ken Surgenor 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 September 5. They are expected to be ‘in line with expectations’.