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Bramall scuppers Pendragon's plans for Lookers

Tony Bramall has bought almost a quarter shareholding of Lookers, effectively blocking Pendragon’s hostile takeover bid for the Manchester-based dealer group.

The former CD Bramall boss will join Lookers’ board following its AGM next month.

The 24.4% stake he has bought from Hamilton Finance Ltd, a GE Corporation subsidiary, means Pendragon will now need its bid approved by the Lookers’ board to succeed. However the board has already rejected its offer.

In a statement, Bramall says: "I regard this as a very good investment for the family in a well-run group where there is substantial scope for growth and I look forward to working with my new Board colleagues to achieve this objective. Obviously I will not be accepting the existing Pendragon offer in relation to the above holding."

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