1st Aug 2005 07:00
Lookers PLC01 August 2005 1 August 2005 Lookers plc Acquisition of PLP Motors Limited Lookers plc, today announces the completion of its acquisition of PLP MotorsLimited which comprises of Vauxhall dealerships in Warrington and Widnes,Chevrolet, a Saab Service Centre, and a bodyshop in Warrington. The acquisitionincreases our Vauxhall outlets from 14 to 16 and adds Chevrolet to our portfoliofor the first time. The consideration in cash is approximately £3.2 million, which equates to netassets. The acquisition will add around £35 million to Lookers' annual turnoverand further strengthens our relationship with Vauxhall. Commenting, Ken Surgenor, Chief Executive said: 'We are delighted to acquire this business which reinforces our position as theUK's largest Vauxhall dealer group, bringing the total number of outlets in theGroup to 16. In addition, a new Vauxhall outlet is scheduled for completion bySeptember of this year in Belfast, Northern Ireland. We now operate significantmarket areas in the North West of England, Birmingham and Northern Ireland.This acquisition will increase Lookers' annual sales of Vauxhall units to over20,000. In addition, PLP gives us our first Chevrolet outlet in the UK and a Saabservice centre ideally positioned to support our existing Saab operations inLiverpool and Chester. We are currently reviewing opportunities to increase ourrepresentation of the Chevrolet franchise. We fully expect this business to contribute positively to earnings in the nextfinancial year. Through leveraging our proven market area approach with thesefranchises, we will benefit from further operational efficiencies.' Lookers will release its interim results on 5 September 2005 and despitechallenging market conditions in the retail sector of our new car business, theGroup will announce results in line with expectations. For further information: Ken Surgenor, Lookers Chief Executive: 0161 291 0043David Dyson, Lookers Finance Director: 0161 291 0043Andrew Hayes / James 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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