Lookers buys vehicle leasing firm

LOOKERS has followed on from yesterday’s record trading announcement of sales of £1.9bn by snapping up Get Motoring UK – a vehicle leasing specialising in short-term contracts to car hire operators.

The company, which trades as Vehicle Rental Services (VRS), is based at Beaconsfield in Buckinghamshare and has anticipated earnings before interest, tax, depreciation and amortisation of £3m (its year end is not until September 30).

Lookers said that the deal complemented its own vehicle leasing business and would help to broaden its sources of earnings.

Peter Jones, chief executive of Lookers, said: “We are delighted to have acquired Get Motoring UK / VRS, which provides Lookers with the opportunity to extend our vehicle leasing businesses.

“We remain in a position to pursue strategic growth opportunities as they arise.”
The firm was advised on the deal by Manchester-based law firm DWF.

Corporate partner Frank Shepherd said: “This an exciting deal for Lookers which will allow the group to develop its range of services and extend its vehicle leasing businesses.”