Top five AM100 group Lookers has acquired Glasgow-based Shields Automotive for £8.75 million.
The business operates the Land Rover franchise for south Glasgow is expected to add £20.5 million to Lookers’ group turnover, taking it to £2.27 billion.
The last statutory accounts of Shields Automotive for the year ended June 30, 2012 reported a profit before taxation of £0.35 million, with gross assets of £12.8 million and net assets of £6.7 million.
The strategic move comes less than a year after Lookers acquired Lomond Audi which expanded its reach to four key locations across central Scotland.
Manchester-based Lookers already owns Taggarts, in Motherwell and Glasgow, which it acquired in 2003 and franchised for Land Rover, Jaguar, Volvo, Hyundai, Nissan and Peugeot under the Taggarts brand name in the west of Scotland.
Andy Bruce, Lookers chief operating officer, said that acquiring the Land Rover business of Shields Automotive completes a significant market area for Land Rover which complements its existing outlets in north Glasgow and Motherwell.
He said: “We have long admired the Shields Land Rover business.
“Joe O’Donnell, the owner of Shields, wants to retire from the industry and he was keen that his business was sold to a new owner which would continue to invest in the future development of his staff, many of whom have been with him for many years.
“Scotland is a very important market for Lookers and this investment will further strengthen our presence as we continue to grow our customer base on the back of sound, quality experience and a priority focus on customer satisfaction.”
The dealership will be rebranded in due course to align with Lookers branding strategy with Land Rover in Scotland.