Lookers revs up in South East with Land Rover swoop

CAR dealership group Lookers has expanded its footprint in the South East with the £10.4m acquisition of a Land Rover dealership.

It has bought Chipperfield, a Land Rover dealership in Hertfordshire from vendors, Graham and Barbara Price, for £10.4m, which has been satisfied out of its existing bank facilities.

The statutory accounts of Chipperfield for the year ending April 30 reported revenue of £26.1m, a profit before taxation of £400,000, with gross assets of £5.6m and net assets of £2.5m.

Lookers chief executive, Peter Jones, said: “The acquisition is an important development in the group’s representation of the Land Rover brand in the South East and complements our existing Land Rover businesses in Battersea and West London.

“Chipperfield is a business for which we have tremendous respect and we are looking forward to welcoming its great team of people to Lookers.”

Corporate partner Caroline Litchfield from North West law firm Brabners acted for the vendors in the deal.