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Lookers buys 30 dealerships up north

Published: 08:02 03 Sep 2015 BST

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Car dealer Lookers (LON:LOOK) is to add 30 dealerships to its portfolio, strengthening its presence in the north of England and in Scotland.

The company has paid £87.5mln in cash for Addison Motors, which trades as the Benfield Motor Group.

The acquisition is being funded by new banking facilities and is expected to boost Lookers’ earning per share in the first year of ownership.

Founded in Newcastle upon Tyne in 1957, Benfield is one of the UK's largest private motor retailing companies, employing 1,600 employees.

Addison Motors made a profit before tax of £7mln in 2014 on revenues of £700mln.

 “A key attraction for us is the cultural fit. Both Lookers and Benfield share an approach which puts employees and customers at the heart of our business and this acquisition will ensure that continues,” claimed Andy Bruce, chief executive of Lookers.

Shares in Lookers rose 1.8% to 168.21p on news of the deal.

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