- Pictured above is Mark Raban, the CEO of Lookers
THE car retailer Lookers looks set to be sold for £465m to a privately owned Canadian dealer.
Trade title Auto Retail Agenda reported that the Alpha Auto Group would offer cash for the plc company through a bidding vehicle called Global Auto Holdings Ltd (named Bidco).
Among the shareholders of Lookers are Constellation, owners of BCA and Cinch.
Global Auto Holdings said that it had secured letters of intent from the Lookers directors and shareholders which have more than a 42% share.
Interim chairman of Lookers, Paul van Der Burgh said that the offer was an attractive opportunity for shareholders to realise cash for their investment “at a significant premium to the prevailing share price”.
Today’s offer reflects the transformational progress that has been made in recent years. We have harnessed our strong market position, enhanced our brand relationships, and executed well against our six strategic priorities. I am excited about the combination with Bidco. It will create a business of greater scale, and bring together two successful businesses with complementary OEM relationships, and a strong platform to support future growth in the UK.
Lookers operates from 147 franchised dealerships representing 35 brands in the UK.
It also has a presence in the leasing broker sector thanks to its broker portal, in which it recently invested £500m to provide a dedicated broker service.
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
