MOTOR group Lookers has acquired BMW and MINI specialist Knights Group for £27.2m in cash.
The deal introduces the two car brands to the company’s portfolio for the first time, and further expands its motor division in the West Midlands.
Knights Group is an experienced retailer of BMW and MINI models across the West Midlands, with six dealerships in Stafford, Stoke-on-Trent and Crewe.
The acquisition, which is being funded from Lookers’ existing bank facilities, brings the total number of Lookers dealerships to 166.
Andy Bruce, chief executive of Lookers, said: “This marks another significant addition to Lookers and demonstrates our focus and commitment on expanding the motor division following the sale of our parts business.
“We continue to see opportunity in the prestige car market as demand increases amongst the UK’s discerning motorists, and have no doubt that the BMW and MINI dealerships will continue to thrive as part of Lookers.
“We believe Knights fits with our key business priority of delivering an even better customer experience; this is a business which we have much admired for its financial and cultural success.”
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