Fri, 12 Aug 2016 | DIVISION SALE
Lookers Motor Group, which sells new and used cars across the UK, is set to sell off its car parts division.
A conditional £120 million sale has been agreed to European automotive and commercial vehicle parts distributor, Alliance Automotive, and is due to complete in October. The disposal will enable Lookers to seek out new acquisition opportunities and is presently in an advanced stage to purchase two branded car dealership businesses, which it hopes to announce soon.
A class one transaction, the Lookers car parts sale is dependent on EU merger control clearance and shareholder approval going through successfully.
The parts division, which includes brands such as BTN Turbo, FPS and Apec Braking, is one of the highest margin aspects of the Lookers group; in the year ending December it contributed £219 million of Lookers' £3.65 billion total sales, and £12.6 of its £85.9 million underlying profits.
Lookers' chief executive Andy Bruce commented on the sale: "I am pleased to announce this conditional agreement which the board believes is in the best interest of shareholders.
"The offer from Alliance Automotive is an attractive one and will enable us to focus on what we do best; buying and selling cars, and adding value through acquisitions.”
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