Lookers has reached an agreement to acquire Jennings Motor Group to further expand its motor retailing business.
The acquisition will strengthen Lookers’ position as one of the largest motor retailers in the UK and Ireland. The move follows after the purchase of Benfield Motors in 2015, which added 30 dealerships to its portfolio.
Lookers’ CEO Andy Bruce said: “The acquisition of Jennings is a perfect fit for Lookers and is aligned to our business model of operating the right brands in the right locations.
“We are delighted to expand our key partnership with Ford of Britain, the market leading brand in the UK. Geographically the Jennings acquisition joins together our existing Ford market areas in Sunderland and Yorkshire.
“There is a strong cultural alignment between the two companies. We’re proud to have acquired this highly respected business and we aim to help it to accelerate its growth under our ownership.”
Lookers is seeking to purchase other small companies to consolidate its position in a highly fragmented market.
Jennings chairman and proprietor Dr Nas Khan said: “The sale to Lookers represents the next stage in the evolution of a company that just over 100 years ago was one of the first companies in the country appointed by Ford to sell its cars.”
UHY Hacker Young Manchester partner David Kendrick, who advised Jennings, said: “Jennings has been a long established and very successful group for many years now. The acquisition by Lookers makes complete sense and complements their strong North East presence, also enhancing their Ford representation.”