Monday, October 08, 2007
Lookers deal sees banks exit the motor trade
The £60m Dutton Forshaw sale leaves no banking stake among top 30 groups
The £60m sale of Dutton Forshaw by Lloyds TSB signifies the end of the banking sector’s stake in the major dealer groups.
The decision by the bank to dispose of the company it bought in 2002 for £48.7m means there are now no banks with a stake in any top 30 car retailer.
Lookers' acquisition of Dutton Forshaw follows on from the collapse of the Royal Bank of Scotland-owned Dixons group last month – the only other bank with a significant interest in the industry.
DATED: 08.10.07
FEED: MT
