Key highlights of the deal:
– Purchase price of £27.2m in cash funded from the Company’s existing bank facilities
– Expected to be earnings enhancing for the year ending 31 December 2017
– Introduces BMW and MINI to Lookers portfolio for the first time
– Substantiates strategy of accelerating growth in the motor division following the proposed disposal of its parts business (10 Aug) and subsequent acquisition of the Drayton Group (15 Aug)
Andy Bruce, Chief Executive of Lookers, said:
“We are delighted to welcome the Knights team to the Group and are excited to be adding the iconic brands of BMW and MINI to our list of premium marques, offering our customers a wider choice of vehicles. This marks another significant addition to Lookers and demonstrates our focus and commitment on expanding the motor division following the sale of our parts business.
“We continue to see opportunity in the prestige car market as demand increases amongst the UK’s discerning motorists, and have no doubt that the BMW and MINI dealerships will continue to thrive as part of Lookers.
“We believe Knights fits with our key business priority of delivering an even better customer experience; this is a business which we have much admired for its financial and cultural success, and we are excited to be working in partnership with the Knights team to deliver more of what our customers want.”
