2nd Oct 2013 14:21
LONDON (Alliance News) - Car retailer Lookers PLC Wednesday said it had bought Hertfordshire-based Land Rover dealership Chipperfield for GBP10.4 million in cash from its existing bank facilities.
Chipperfield made revenues of GBP26.1 million and a pretax profit of GBP400,000 in the year to end-April. Its gross assets were GBP5.6 million and net assets GBP2.5 million.
"The acquisition is an important development in the group's representation of the Land Rover brand in the South East and complements our existing Land Rover businesses in Battersea and West London," Lookers Chief Executive Peter Jones said in a statement.
Lookers shares were down 1.7% at 119.39 pence Wednesday afternooon.
By Steve McGrath; [email protected]; @stevemcgrath1
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