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.
Lomond operates four Audi Centre dealerships in Glasgow, Edinburgh, Stirling and Ayr, as well as the distribution of trade parts for the VW Group in Glasgow and Edinburgh.
Subscribe to 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
-
Water companies blocked from using customer money to pay “undeserved” bonusesThe regulator has blocked three water companies from using billpayer money to pay £1.5 million in exec bonuses
-
Will the Bitcoin price hit $100,000?With Bitcoin prices trading just below $100,000, we explore whether the cryptocurrency can hit the milestone.
