Lookers acquires Knights
National motor retailer Lookers is continuing to significantly invest in its dealership network with the purchase of Knights Group BMW and MINI.
The acquisition of Knights reinforces Lookers’ position as one of the largest motor retailers in the UK and introduces BMW and MINI to its stable of prestige motoring brands for the first time.
The £27m purchase of Knights includes six dealerships, bringing the total of Lookers dealerships nationwide to 166.
Knights BMW and MINI has dealerships based in Stafford, Stoke and Crewe.
Lookers chief executive, Andy Bruce said, ‘I am delighted to say it’s Knights BMW and MINI because you can’t underestimate the importance of cultural fit when you are making an acquisition and I don’t think there is a better cultural fit out there than Knights.’
The acquisition news follows Lookers previous announcement that it is to purchase the Drayton Group for £55.4m, bringing with it an additional seven Mercedes-Benz dealerships in the West Midlands.
The purchases come as Lookers refocuses on expanding its core Motor Division following the recent agreement to sell its Parts Division for £120m.
Lookers announced a strong financial performance in the first half of 2016, with revenue increasing by 33% to £2.34 billion (2015: £1.75 billion). Adjusted profit before tax increased by 16% to £50.1 million (2015: £43.1 million) and net debt significantly reduced to £74.9 million (31 December 2015: £161.7 million).
