16th Dec 2005 15:21
Lookers PLC16 December 2005 16 December 2005 Lookers plc acquires six dealerships from HR Owen PLC Lookers plc, one of the UK's leading multi-franchise motor retail groups, todayannounces a conditional agreement to acquire the business and certain assets ofsix dealerships from HR Owen PLC comprising six PAG franchises including twoJaguar, two Land Rover and two Volvo dealerships, located in Colchester, Ipswichand Bury St Edmunds adjacent to our existing PAG territory. Completion is expected to take place early in the new year and is subject toapproval by the Shareholders of HR Owen and Landlords' consents to assign theleaseholds of the properties. The consideration payable in cash will be £2.2 million goodwill andapproximately £1.2 million of fixed assets together with the net book value ofstocks at completion. The acquisition is expected to add approximately £50 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 operate. Theacquisition will increase the Group's number of Land Rover outlets from six toeight 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 represents our first Jaguar outlets in England. Commenting, Ken Surgenor, Chief Executive said: 'In line with our stated strategy, this acquisition not only strengthens ourportfolio of PAG businesses in the UK but also complements our existingbusinesses giving us greater scale in the South East of England." 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 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 22 marques, roughly equally split betweenvolume (12) 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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