3rd Sep 2015 06:52
LONDON (Alliance News) - Motor retailer and aftersales services provider Lookers PLC on Thursday said it has struck an GBP87.5 million cash deal to acquire Addison Motors Ltd, which trades as Benfield Motor Group.
Benfield is based in Newcastle-upon-Tyne and operates 30 car dealerships across the UK, offering sales, service, parts and bodyshop facilities for new and used cars and commercial vehicles, Lookers said.
For the year to the end of December 2014, the company posted a GBP7.0 million pretax profit on revenue of GBP699.7 million. Lookers expects the deal to be immediately earnings accretive.
The acquisition is to be funded by new banking facilities Lookers has secured, which will be provided by Bank of Ireland, Barclays, HSBC, Lloyds, Royal Bank of Scotland and Yorkshire Bank.
"We are delighted to have acquired this respected and long established family business. A key attraction for us is the cultural fit. Both Lookers and Benfield share an approach which puts employees and customers at the heart of our business and this acquisition will ensure that continues," said Andy Bruce, Lookers' chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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