Lookers snaps up southern dealer for £33.6m
MANCHESTER-based Lookers has expanded its reach in the south with the acquisition of another car dealer for £33.6m.
It has bought Colbornes which runs three Audi and three Volkswagen dealerships, and one Skoda dealership in Surrey.
It also has a Jaguar, Land Rover and a Bentley dealership in Barnet, North London.
The company has been sold by four shareholders – Richard Neulaender, John Walsh, Guy Rowson and Nicholas Hinallas. Lookers said it had used existing bank facilities to finance the deal.
In the year to the end of December 2012 Colbornes reported sales of £188.9m and a pre-tax profit of £2.2m. It had gross assets of £53.1m and net assets of £6.6m.
Lookers’ chief executive Andy Bruce said: “This acquisition is an important development in the group’s representation of the VW Group and Jaguar Land Rover brands in the South East. Colbornes is a well known, established and successful business for which we have tremendous respect and we are looking forward to welcoming its great team of people to Lookers.”