28th Feb 2006 15:02
Lookers PLC28 February 2006 28 February 2006 Lookers plc acquires six dealerships from H.R. Owen Plc Lookers plc, one of the UK's leading multi-franchise motor retail groups, todayannounces completion of the acquisition of the business and certain assets ofsix dealerships from H.R. Owen Plc comprising six Premier Automotive Group ("PAG") franchises including two Jaguar, two Land Rover and two Volvodealerships, located in Colchester, Ipswich and Bury St Edmunds adjacent to ourexisting PAG territory. This announcement follows the approval given on 27 February 2006 at theExtraordinary General Meeting of H.R. Owen Plc of the disposal of its PremierAutomotive Group East Anglia business. The consideration payable in cash will be approximately £5.4 million comprising£2.2 million goodwill and the balance being fixed assets together with the netbook value of stocks. The acquisition is expected to add approximately £55 million to Lookers' annualturnover and is in line with the Group's strategy to expand the existing marketareas with preferred manufacturers in which Lookers already operates. Theacquisition will increase the Group's number of Land Rover outlets from seven tonine and the number of Volvo outlets from four to six, across the UK. Lookersalready operate five Jaguar outlets in Scotland and Northern Ireland and thisacquisition means we will represent Jaguar for the first time in England. Commenting, Ken Surgenor, Chief Executive said: 'We are delighted to have acquired these high quality dealerships and we remainfocussed on growing Lookers organically and by acquisition." For further information:Ken Surgenor, Lookers Chief Executive: 0161 291 0043David Dyson, Lookers Finance Director: 0161 291 0043 Andrew Hayes / Nick Lyon / James Hill, Hudson Sandler 020 7796 4133 Notes to editors: Lookers plc, headquartered in Stretford, Manchester, is one of the UK's leadingmulti-franchise motor retail groups. It operates over 86 franchised outlets and36 vehicle servicing and parts sales facilities across the UK. It also ownsCharles Hurst, the largest motor dealer in Northern Ireland. Lookers, which reported annual turnover of approximately £1.1 billion for theyear ended December 2004, represents 23 marques, roughly equally split betweenvolume (13) and prestige (10). The Group specialises in new and used car sales,as well as servicing and parts distribution. For further information on Lookers, including all its outlets in the UK and thefranchises it represents, please visit its website at www.lookers.co.uk. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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