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| Lookers plc acquires six dealerships from HR Owen plc |
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Lookers plc, the motor retail group, has announced a conditional agreement to acquire six PAG franchise dealerships from HR Owen PLC comprising two Jaguar, two Land Rover and two Volvo dealerships, located in Colchester, Ipswich and Bury St Edmunds, adjacent to Lookers' existing PAG territory.
Lookers plc, the motor retail group, has announced a conditional agreement to acquire the business and certain assets of six dealerships from HR Owen PLC comprising six PAG franchises including two Jaguar, two Land Rover and two Volvo dealerships, located in Colchester, Ipswich and Bury St Edmunds adjacent to its existing PAG territory.
Completion is expected to take place early in the New ?Year and is subject to approval by the shareholders of HR Owen and landlords' consents to assign the leaseholds of the properties.
The consideration payable in cash will be £2.2 million goodwill and approximately £1.2 million of fixed assets together with the net book value of stocks at completion.
The acquisition is expected to add approximately £50 million to Lookers' annual turnover and is in line with the Group's strategy to expand the existing market areas with preferred manufacturers in which Lookers already operate. The acquisition will increase the Group's number of Land Rover outlets from six to eight and the number of Volvo outlets from four to six, across the UK. Lookers already operate five Jaguar outlets in Scotland and Northern Ireland and this acquisition represents its first Jaguar outlets in England.
Lookers has separately been reported to be assembling a bid with bank backing for the larger Reg Vardy plc, in competition with one recently recommended by the Vardy board from Pendragon plc.
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Source : http://www.autoindustry.co.uk
(12/19/2005)
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