Lookers has acquired 10 sites from HR Owen in a move that will see the
dealer group now represent the Mercedes-Benz franchise autel
maxicheck pro.
The consideration payable in cash will be ?m goodwill
and ?.1m of fixed assets. Once the value of stock is taken into consideration,
however, the value of the deal could rise to between ?8m-?5m.
The
acquisition is expected to add around ?75m to Lookers?annual turnover and
enhance profits in the first full year of ownership.
It represents the
Manchester-based dealer group抯 first purchase since the drawn-out battle with
rival Pendragon for Reg Vardy at the beginning of the year.
Lookers?chief
executive Ken Surgenor told Motor Trader the deal was representative of the
group抯 strategy to expand its range of premium brands.
So far this year
Lookers has boosted the number of Land Rover sites it operates by three as well
as adding two Volvo and Jaguar dealerships in a multi-million pound deal with HR
Owen at the start of the year MaxiSys
Pro.
揙ur stated strategy has been to strengthen the mix of premium
brands that Lookers operates. The market is going the way of the premium brands.
You can see both BMW and Mercedes strengthening their market share and our
strategy is in response to those market trends,?he said.
Surgenor said
that the group had been keen to add Mercedes-Benz to its portfolio and did not
rule out adding to the newly acquired franchise but said that was dependent on
the manufacturer and the sites that became available in the future.
揥e抮e
delighted to be approved by Mercedes. It抯 a brand we抳e wanted to represent for
some time,?Surgenor added. The deal covers four Mercedes sites in Redhill,
Gatwick, Eastbourne and Brighton, with the latter also selling Smart; two
ChryslerJeep outlets in Hatfield and Romford; two Lexus sites in Hatfield and
Brighton; and Land Rover sites in Acton and South Kensington.
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