No longer parts of the process
Lookers is selling its car parts division to Alliance Automotive in a £120m cash deal.
The move is part of Motoring group Lookers’ decision to focus on selling cars. It says it will use the money to buy more UK dealerships, with the acquisition of two premium car dealerships expected to be announced shortly.
The parts arm generated an operating profit of £12.6m last year.
Lookers’ CEO, Andy Bruce, said, ‘I am pleased to announce this conditional agreement which the board believes is in the best interest of shareholders. The offer from Alliance Automotive is an attractive one and will enable us to focus on what we do best; buying and selling cars, and adding value through acquisitions.
‘We are already at advanced stages of negotiation on the acquisitions of two premium-branded car dealership businesses and hope to make further announcements on these in the coming weeks.
‘I would also like to thank our colleagues in our parts division for their contribution to the wider Lookers business.’