8:07 pm, May 4, 2011
SHARES in Lookers have leapt by two per cent after the name behind last week’s unsuccessful take-over was revealed.
Veteran property-tycoon Jack Petchey was the man behind the unsuccessful bid to take over the dealership group seeing shares in the company rise to 67 – up 1.25p.
As reported by The Guardian, Petchey’s Trefick group already owns 17.3 per cent of the Lookers group. The property investor joined forces with Moor Park and Brett Palos – both real estate groups – for a cash offer for the business.
However, that offer was rejected by Lookers last week, who deemed it ‘highly speculative’.
Lookers operates 124 dealerships and represents 33 brands including Ford, Vauxhall, Nissan and Toyota. It reported in March that profits had tripled to £31m, with revenue increasing by 7.7 per cent to £1.9bn.
