The cost in cash is put at approximately £1.2m.
The acquisition increases Lookers’ Volvo outlets from two to four in the UK, and also represents its first Volvo outlets in Scotland.
Initially, Lookers will continue to operate short-term rental agreements in the existing locations. However, the group plans to relocate the dealerships to its existing Premier Automotive Group sites in Glasgow and Motherwell.
Lookers, which trades under the Taggarts brand in Scotland, will relocate one of the dealerships to its multi-franchise Mazda, Jaguar and Land Rover site in Motherwell, and locate the other at its Jaguar outlet in Maryhill Road, Glasgow. These relocations will be completed in the early part of 2006.