Lookers plc Acquires Shields Automotive Limited
Lookers plc, ("Lookers" or "the group"), one of the leading UK motor retail and aftersales service groups, is pleased to announce the acquisition of Shields Automotive.
Shields Automotive operates a significant Land Rover dealership in South Glasgow and Lookers has acquired the entire issued share capital of Shields Automotive from the vendor Mr Joe O'Donnell for a cash consideration of £8.75 million, which has been satisfied using the group's existing bank facilities. Shields Automotive includes a number of freehold properties which will be sold after completion, having the effect of reducing the net consideration for the business.
The statutory accounts of Shields Automotive for the year ended 30 June 2012 reported revenue of £20.5m, a profit before taxation of £0.35 million, with gross assets of £12.8 million and net assets of £6.7 million.
Lookers Chief Executive, Peter Jones, said: "The acquisition is an important development in the group's representation of the Land Rover brand and strengthens the group's presence in Scotland, where it operates as Taggarts Motor Group in Glasgow and Motherwell which represents the Land Rover, Jaguar, Volvo, Nissan, Peugeot and Hyundai brands, as well as Lomond Audi in Ayr, Edinburgh, Glasgow and Stirling. Shields Automotive is a business for which we have tremendous respect and we are looking forward to welcoming its great team of people to Lookers."