Monday, August 14, 2006
Lookers buys 10 HR Owen sites and adds Mercedes to portfolio
Lookers has acquired 10 sites from HR Owen in a move which will see the dealer group take on the Mercedes-Benz franchise.
The consideration payable in cash will be £5m goodwill and £8.1m of fixed assets, together with an amount equal to the net book value of stocks at completion.
The acquisition is expected to add around £175m to Lookers’ annual turnover.The sites cover 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; Land Rover sites in Acton and South Kensington. Lookers bought six Premier Automotive Group sites from HR Owen in February.
DATED: 04.08.06
FEED: MT
The consideration payable in cash will be £5m goodwill and £8.1m of fixed assets, together with an amount equal to the net book value of stocks at completion.
The acquisition is expected to add around £175m to Lookers’ annual turnover.The sites cover 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; Land Rover sites in Acton and South Kensington. Lookers bought six Premier Automotive Group sites from HR Owen in February.
DATED: 04.08.06
FEED: MT
