10th Mar 2014 16:34
LONDON (Alliance News) - Lookers PLC Monday said it has completed the acquisition of Colborne Garages Ltd, for GBP33.6 million.
The UK motor retail and aftersales service group said it bought Colborne from the vendors, Richard Neulaender, John Walsh, Guy Rowson and Nicholas Hinallas, using its existing bank facilities.
Colborne operates a number of Audi and Volkswagen dealerships in Surrey, as well as a Skoda dealership, a Volkswagen commercial vehicle dealership, and a Jaguar, Land Rover and Bentley dealership in North London.
For the year ended December 2012, Colborne reported revenue of GBP188.9 million and a pretax profit of GBP2.2 million, with gross assets of GBP53.1 million and net assets of GBP6.6 million.
"This acquisition is an important development in the group's representation of the VW Group and Jaguar Land Rover brands in the South East," said Chief Executive Officer Andy Bruce in a statement.
Shares in Lookers were trading 0.2% lower at 135.68 pence per share Monday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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