Acquisition of Colborne Garages Limited

RNS Number : 9484B

Lookers PLC

10 March 2014

 



10 March 2014

Lookers plc

Acquisition of Colborne Garages Limited ("Colborne")

Lookers plc, ("Lookers" or "the group"), one of the leading UK motor retail and aftersales service groups, is pleased to announce the acquisition of Colborne which was completed today.

Colborne operates three Audi and two Volkswagen dealerships, one Skoda dealership and a Volkswagen commercial vehicle dealership, all in Surrey, as well as a Jaguar, Land Rover and a Bentley dealership in Barnet, North London.

Lookers has acquired the entire issued share capital of Colborne from the vendors, Mr Richard Neulaender, Mr John Walsh, Mr Guy Rowson and Mr Nicholas Hinallas, for a cash consideration of £33.6 million, of which £5.0 million is deferred consideration. This has been satisfied using the group's existing bank facilities.

The statutory accounts of Colborne for the year ended 30 December 2012 reported revenue of £188.9 million and a profit before taxation of £2.2 million, with gross assets of £53.1 million and net assets of £6.6 million.

Lookers Chief Executive, Andy Bruce, said: "This acquisition is an important development in the group's representation of the VW Group and Jaguar Land Rover brands in the South East. Colborne is a well known, established and successful business for which we have tremendous respect and we are looking forward to welcoming its great team of people to Lookers."

Enquiries:

Lookers	Tel:  [phone]
Andy Bruce, Chief Executive
Robin Gregson, Finance Director
Tavistock Communications	Tel:  [phone]
Catriona Valentine/Keeley Clarke

 

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