Thu, 18 Aug 2011 | BUSINESS SALE
A buyer is still being sought for automotive firm, Lookers, and the company has admitted that it is not presently in talks with anyone.
It has been just over a month since Jack Petchey, a majority stakeholder in the car dealer and parts supplier, recommended a break up of the company in order to increase value for the shareholders.
The company has recently posted a pre-tax profit of £22.6 million for the first two quarters of 2011, a result close to the same period last year.
Sales have increased by 1.4 per cent to £1 billion, it was also reported. This has been attributed to growth in its parts division. Sales of new cars fell by 12.7 per cent, however.
Lookers had been in discussions with a consortium led by Jack Petchey until it rejected a revised offer.
Peter Jones, Lookers' chief executive, explained, “We opened talks with the consortium when they revised their pricing. We didn’t have the support of our shareholder base, who valued the company at a higher figure that the 70 pence that was offered.”
Lookers sells new and used vehicles and provides servicing, parts and repairs throughout Britain. It owns the Northern Ireland Charles Hurst and the Scottish Taggart brands.
See our previous story on Lookers.
The company offers SaaS that provides a solution for the management of booking and control procedures for fixed and non-fixed assets, including demonstration, loan, owned, leased and hire equipment.
The company is an official global reseller of high-end hospitality opportunities for a popular global sport, offering packages which combine entry into exclusive areas of the sporting venue with luxury hotel accommodation and transfers between the ai...
RELOCATABLE
Represents an operation boasting outstanding sales and profit growth from freehold premises, which can provide a base for further expansion. not to mention a wide range of opportunities to develop across several services.
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