New and used car dealer Lookers announced that it has bought Scottish based Lomond Motors for £15m.
"The acquisition strengthens the group's presence in Scotland, where it operates as Taggarts Motor Group in Glasgow and Motherwell and represents the Land Rover," Lookers said in a company statement.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Lookers bought the entire issued share capital of Lomond using the group's existing bank facilities.
The statutory accounts of Lomond for the year ending 31 December 2011 reported a pre-tax profit of £0.7m, with gross assets of £36.8m and 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."
CJ
-
Steve Webb: The triple lock is there to do a job. I’m not embarrassed or ashamed of itThe triple lock means 13 million pensioners will now get an above-inflation state pension boost in April. While the rising cost of the policy has stirred controversy, Steve Webb, who served as pensions minister when it was introduced, argues the triple lock is vital and should stay. Webb speaks to Kalpana Fitzpatrick on the new episode of MoneyWeek Talks – out now.
-
How retirement pots risk running out 11 years early if inflation remains highPension savers could find their retirement income may not last as long as they anticipated over fears that inflation may not slow down
