6th Mar 2023 10:30
(Alliance News) - Lookers PLC on Monday said it bought Fourways Vehicle Solutions Ltd, a Shropshire, England-based vehicle hire and brokerage business.
The Altrincham, England-based integrated automotive retail and service group said the acquisitions fits with one of its key strategic priorities of leveraging its corporate leasing and fleet capabilities.
Fourways will sit within Lookers Vehicle Solutions, the umbrella brand for all corporate operations, with "significant growth potential", Lookers said.
It said Fourways was founded in 2003 and manages over 7,000 rentals per year, with a 2022 total revenue of GBP3.8 million.
Lookers said it believes there is a significant growth opportunity for Fourways "to grow its market share and to cater for Lookers own rental requirements at lower cost and with greater certainty".
It added it recently completed a consolidation of operations within Lookers Vehicle Solutions, providing a "good platform to continue building this part of the group".
"We are very excited to welcome Fourways to Lookers. Over the last 20 years, the team have built a reputation for providing industry-leading service to many high-profile customers seeking corporate vehicle solutions," said Chief Executive Officer Mark Raban.
"With the consolidation of our own leasing business now complete, we are excited to add further scale to the division. Fourways is another step on our journey to grow our leasing and fleet platform, building and improving our offering for an increasing customer base."
Shares in Lookers were down 0.4% to 90.42 pence each in London on Monday morning.
By Greg Rosenvinge, Alliance News reporter
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