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Lookers acquires 10 dealerships from HR Owen

Lookers will acquire 10 dealerships from HR Owen in a £13.1 million deal.

Lookers will take on two Chrysler Jeep sites at Hatfield and Romford, two Lexus sites at Hatfield and Brighton, two Land Rover sites at Acton and South Kensington and four Mercedes-Benz sites at Brighton (includes Smart), Eastbourne, Gatwick and Redhill.

Completion is expected to take place by the end of this month and is subject to approval by HR Owen shareholders and receipt by Lookers of landlords’ consent to the assignment of the leaseholds of the properties.

The deal will cost Lookers approximately £13.1 million, including goodwill, fixed assets and an amount equal to the net book value of stocks at completion. The acquisition is expected to add approximately £175m to Lookers’ annual turnover.

Ken Surgenor, Lookers chief executive, said: "In line with our stated strategy these dealerships complement our existing market areas in the south east and we are confident, as with the previously acquired HR Owen businesses, they will prosper and will be earnings enhancing in their first full year under Lookers’ ownership.

"We are especially pleased to have been approved by Mercedes-Benz as a market area partner and we look forward to operating one of the industry’s pre-eminent franchises."

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