Lookers set to Buy Drayton Group

Motor Trade Insurance » Lookers set to Buy Drayton Group

Lookers set to Buy Drayton Group

With the completion of Lookers selling their parts business to the tune of £120 million, they are straight into talks with Drayton Group to purchase their West Midlands based Mercedes Benz arm at a suggested £55.4 million.

It is thought that for the half a billion sum, Lookers will receive 7 dealerships in Statford, Stoke, Shrewsbury, Stourbridge, Worcester, Walsall and Wolverhampton which combined has an impressive turnover of £276m and pre-tax profits of £5.2m. This move doubles Lookers current Mercedes Benz count and increases their total dealership count to an impressive 160.

Subject to their current sale of their parts division, lookers are set to complete their deal late October.

Chief Executive Andy Bruce said, The acquisition of the Group is a perfect fit in terms of franchise, geography and culture. The Drayton Group is a business that we have respected for many years because of its fantastic reputation.

“Together we will now be the largest Mercedes-Benz dealers in the country and one of the largest motor groups in the UK. Importantly though, despite our size, Lookers still feels like a family business that cares about its people. We believe every dealership is unique and will have its own profile of customers with their own particular demands.

“We are currently seeing a lot of opportunity in the prestige car market as demand increases among the UK’s discerning motorists. We know that Mercedes-Benz is a fantastic brand with a rich heritage and is one that Lookers has worked well with, built and developed as part of our national network of motor dealerships.”

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Find out more on the Lookers Website.

2017-01-19T16:20:23+00:00 By |Motor Trade News|0 Comments