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Bids, Mergers and Takeovers

Lookers acquires Addison Motors

03 September 2015 07:43

Car dealer Lookers has acquired Addison Motors, trading as Benfield Motor Group, for £87.5m in cash.

The acquisition is being funded using new banking facilities made available to Lookers by Bank of Ireland, Barclays Bank, HSBC Bank, Lloyds Bank, Royal Bank of Scotland and Yorkshire Bank. Benfield was founded in Newcastle upon Tyne in 1957 and is one of the UK's largest private motor retailing companies.

Addison has 1,600 employees working in 30 dealerships located across the North of England and Scotland. Benfield's franchises include Audi, VW, VW Commercial Vehicles, Skoda, Ford, Toyota, Lexus, Hyundai, Kia, Renault, Dacia, Nissan and Honda. It offers sales, service, parts and bodyshop facilities for new and used cars and commercial vehicles.

The statutory accounts for Addison for the year ended 31 December 2014 reported revenue of £699.7 million and profit before tax of £7 million. The Company had gross assets of £154.6 million and net assets of £55.0 million. The acquisition is expected to be immediately earnings enhancing for the group.

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