7:39 am, March 6, 2023
Lookers has announced it’s bought the hire and brokerage business Fourways Vehicle Solutions.
The listed dealer group made the announcement via the London Stock Exchange this morning (Mar 6), and said the purchase would ‘grow its leasing and fleet platform’.
The deal, for an undisclosed sum, will see Fourways sit within Lookers Vehicle Solutions – a division, Lookers says, has recently been consolidated.
Lookers also said it sees ‘significant opportunity ‘for Fourways to grow its market share and to cater for Lookers own rental requirements at lower cost and with greater certainty’.
Speaking of the acquisition, Lookers CEO Mark Raban said: ‘We are very excited to welcome Fourways to Lookers.
‘Over the last 20 years, the team have built a reputation for providing industry-leading service to many high-profile customers seeking corporate vehicle solutions.
‘With the consolidation of our own leasing business now complete, we are excited to add further scale to the division.
‘Fourways is another step on our journey to grow our leasing and fleet platform, building and improving our offering for an increasing customer base.’
Fourways was founded in 2003 and operates a UK-wide vehicle rental service, using a combination of its own fleet of vehicles and its vehicle rental broking arm, which has access to over 75,000 vehicles.
It manages in excess of 7,000 rentals a year while 2022 accounts show Fourways had revenues amounting to £3.8m.
Lookers is expected to publish its preliminary 2022 results on April 5.
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