Lookers buys Scottish Audi dealerships
LOOKERS plc has bought the Lomond Motors business in Scotland for £15m.
The Manchester-based company has paid £15m in cash for the company to owner Hugh McMahon, which has been paid for out of existing bank facilities.
Lomond Motors has four Audi Centre dealerships in Glasgow, Edinburgh, Stirling and Ayr. The company also distributes trade parts for the VW Group in Glasgow and Edinburgh. In 2011, the Lomond Motors business made a pre-tax profit of £700,000 and had net assets of £5.3m.
Lookers chief executive, Peter Jones, said: “The acquisition is an important development in the group’s representation of the Audi brand and our relationship with the VW Group and we are very pleased to be representing the brands in such key locations.
“Lomond is a business for which we have tremendous respect and we are looking forward to welcoming its great team of people to Lookers.”
The company added that the deal strengthens its presence in Scotland, where it operates as Taggarts Motor Group in Glasgow and Motherwell and represents the Land Rover, Jaguar, Volvo, Nissan, Peugeot and Hyundai brands.
