Tue, 05 Jul 2011 | BUSINESS SALE
Jack Petchey, a majority shareholder in car dealership Lookers, is expected to put pressure on the group to break itself up after he abandoned a £307m takeover attempt.
Mr Petchey, an octogenarian tycoon and owner of 17.3 per cent of the company, wants Lookers’ board to place its properties into a separate company. Lookers' 71 forecourts and 19 parts centres were valued at £188 million in its last recorded accounts.
It has been reported that Mr Petchey believes that splitting the company up will create more value for the shareholders and drum up the cash necessary to pay debts. He is believed to be frustrated that the management’s progress in growing the share price is slow.
An unnamed source commented, “Their business has either got to be property or operational. If you can’t do it, let someone else do it.”
It is anticipated that Lookers' management will be resistant to the suggestion of splitting the company up.
Shares in the Manchester car dealership fell by 18 per cent after the news emerged that the consortium that wanted to buy the business has pulled out.
Lookers sells new and used cars, vans, and also offers services, parts and repairs across the UK. Its divisions cover parts, leasing and agricultural vehicles.
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