9:54 am, August 22, 2016
LOOKERS plc has added BMW and Mini to its portfolio with the purchase of Knights Group for £27.2m in cash.
Knights Group is an experienced retailer of BMW and Mini models across the West Midlands, with six dealerships in Stafford, Stoke-on-Trent and Crewe.
The acquisition brings the total number of Lookers dealerships to 166.
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 we 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 work in partnership with the Knights team to deliver more of what our customers want.’
Mike Jones, ASE chairman, who advised Knights Group on the deal, said: This is a significant acquisition for Lookers, bringing their first BMW and Mini dealerships into the group. Lookers has filled a gap in its franchise portfolio and now represents all of the large premium marques.
‘I am delighted to see a successful exit for David Vickers and Peter Brookes, who built a high-performing dealer group in Knights. It was a pleasure to work with them on this disposal.’
Lookers recently announced a strong financial performance for the first half of 2016, with revenue increasing by 33 per cent to £2.34bn and adjusted profit before tax up 16% to £50.1m.
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