9:45 pm, March 19, 2012
DEALER group Lookers is in the process of selling three of its dealerships to Jardine Motors, Car Dealer has been told.
A source told Car Dealer three Lookers Toyota franchised dealerships in Romford, Rayleigh, and Chelmsford are expected to transfer to Jardine’s ownership by the end of the month.
A spokesperson from Jardine confirmed the news saying: ‘We have agreed in principle to take over the three dealerships currently being operated by Lookers, and negotiations are ongoing to finalise the deal.
‘We are targeting the end of this month or early April for the deal to be finalised – it is unlikely to be agreed before then.’
If the deal takes place, the next steps for the three dealerships will be merely a ‘name-change’, with all the staff remaining.
Earlier this month Lookers published their financial results for 2011 that revealed the dealer group’s revenue had risen to £1.90bn, and their share of the UK new car retail market had increased to 4.1 per cent.
Lookers declined to comment when contacted by Car Dealer.
