8th Aug 2005 07:00
Lookers PLC08 August 2005 8 August 2005 LOOKERS PLC Acquires first Volvo dealerships in Scotland Lookers plc announces that it has signed Heads of Agreement with John MartinGroup Ltd to acquire two Volvo dealerships in Glasgow and Hamilton, Scotland.The acquisition increases our Volvo outlets from two to four in the UK, and alsorepresent our first Volvo outlets in Scotland. Initially, Lookers will continue to operate short-term rental agreements in theexisting locations. However, the Group intends to relocate the dealerships toits existing Premier Automotive Group ("PAG") facilities in Glasgow andMotherwell. Lookers, which trades under the Taggarts brand in Scotland, willrelocate one of the dealerships to its multi-franchise Mazda, Jaguar and LandRover site in Motherwell, and locate the other at its Jaguar outlet in MaryhillRoad, Glasgow. These relocations will be completed in the early part of 2006. Commenting, Ken Surgenor, Chief Executive said: "In line with our stated strategy, this acquisition complements our existing PAGbusinesses in the Glasgow market area and strengthens our offering of prestigebrands. We fully expect this business to contribute positively to earnings in the nextfinancial year and look forward to realising economies of scale in the region." This transaction is expected to complete between now and the end of the monthwhen further information will be released. Enquiries: For further information:Ken Surgenor, Lookers Chief Executive: 0161 291 0043David Dyson, Lookers Finance Director: 0161 291 0043James Hill, Hudson Sandler: 020 7796 4133 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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