Thu, 18 Aug 2011 | BUSINESS SALE
A buyer is still being sought for automotive firm, Lookers, and the company has admitted that it is not presently in talks with anyone.
It has been just over a month since Jack Petchey, a majority stakeholder in the car dealer and parts supplier, recommended a break up of the company in order to increase value for the shareholders.
The company has recently posted a pre-tax profit of £22.6 million for the first two quarters of 2011, a result close to the same period last year.
Sales have increased by 1.4 per cent to £1 billion, it was also reported. This has been attributed to growth in its parts division. Sales of new cars fell by 12.7 per cent, however.
Lookers had been in discussions with a consortium led by Jack Petchey until it rejected a revised offer.
Peter Jones, Lookers' chief executive, explained, “We opened talks with the consortium when they revised their pricing. We didn’t have the support of our shareholder base, who valued the company at a higher figure that the 70 pence that was offered.”
Lookers sells new and used vehicles and provides servicing, parts and repairs throughout Britain. It owns the Northern Ireland Charles Hurst and the Scottish Taggart brands.
See our previous story on Lookers.
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