3rd Oct 2007 08:00
Lloyds TSB Group PLC03 October 2007 117/07 3 October 2007 LLOYDS TSB GROUP ANNOUNCES SALE OF THE DUTTON-FORSHAW GROUP LIMITED Lloyds TSB Group's Asset Finance Division has agreed the disposal of TheDutton-Forshaw Group Limited (DFG) to Lookers plc, for which it will receive £60million (comprising £28 million of cash consideration and the repayment of £32million of debt). The effect on the Lloyds TSB Group accounts is not expectedto be material. DFG is a medium-size car dealership with sales and after-sales dealerships andauthorised repairers representing 14 manufacturers. David Oldfield, Managing Director, Lloyds TSB Asset Finance Division, said: "Theteam in Dutton-Forshaw has made great progress in developing the business inrecent years and today DFG has very strong brand representation in goodlocations. Whilst we have seen benefits from the strong partnership betweenDutton-Forshaw and other parts of our Asset Finance Division businesses, the carsupply market has changed and in a consolidating industry we have concluded thata disposal to the right party is in the best interests of shareholders, staffand customers." For further information:- Investor Relations Michael Oliver +44 (0) 20 7356 2167 Director of Investor Relations Email: [email protected] Media Mary Walsh +44 (0) 20 7356 2121 Director of Corporate Relations Email: [email protected] FORWARD LOOKING STATEMENTS This announcement contains forward looking statements with respect to thebusiness, strategy and plans of the Lloyds TSB Group, its current goals andexpectations relating to its future financial condition and performance. Bytheir nature, forward looking statements involve risk and uncertainty becausethey relate to events and depend on circumstances that will occur in the future. The Group's actual future results may differ materially from the resultsexpressed or implied in these forward looking statements as a result of avariety of factors, including UK domestic and global economic and businessconditions, risks concerning borrower credit quality, market related risks suchas interest rate risk and exchange rate risk in its banking business and equityrisk in its insurance businesses, changing demographic trends, unexpectedchanges to regulation, the policies and actions of governmental and regulatoryauthorities in the UK or jurisdictions outside the UK, including other Europeancountries and the US, changes in customer preferences, competition and otherfactors. Please refer to the latest Annual Report on Form 20-F filed with theUS Securities and Exchange Commission for a discussion of such factors. Theforward looking statements contained in this announcement are made as at thedate of this announcement, and the Group undertakes no obligation to update anyof its forward looking statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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