Lookers seals Colborne Garages purchase in £33.6 million deal
By Jamie White – Head of Communications
Lookers plc – one of the UK’s leading motor retail and aftersales service groups – has completed the acquisition of Colborne Garages Ltd.
Colborne operates three Audi and two Volkswagen dealerships, one Skoda dealership and a Volkswagen commercial vehicle dealership, all in Surrey, as well as a Jaguar, Land Rover and a Bentley dealership in Barnet, North London.
Lookers Chief Executive, Andy Bruce, said: “This acquisition is an important development in the group’s representation of the VW Group and Jaguar Land Rover brands in the South East. Colborne is a well known, established and successful business for which we have tremendous respect and we are looking forward to welcoming its great team of people to Lookers.”
Lookers has acquired the entire issued share capital of Colborne from owners, Mr Richard Neulaender, Mr John Walsh, Mr Guy Rowson and Mr Nicholas Hinallas, for a cash consideration of £33.6 million, of which £5 million is deferred consideration. This has been satisfied using the group’s existing bank facilities.
The statutory accounts of Colborne for the year ended December 30th 2012 reported revenue of £188.9 million and a profit before taxation of £2.2 million, with gross assets of £53.1 million and net assets of £6.6 million.
Douglas Stafford works with Lookers providing a variety of mystery shopping programmes and performance initiatives for the company, including Video Mystery Shopping.
Follow mystery shopping and performance improvement company, Douglas Stafford:
on Twitter @DouglasStafford
on Facebook facebook.com/douglasstafforduk
