Constellation Automotive Holdings, the owner of WeBuyAnyCar and cinch, has taken a 20 per cent stake in car dealership Lookers, just weeks after agreeing a takeover of rival Marshall Motors.
The company, which owns the British Car Auctions marketplace, has been building up parts of its automotive offering, opening used car buying service cinch during the pandemic.
Were Constellation to control both Marshalls and Lookers, it would become one of the largest car dealerships in the UK.
Most of the 78m Lookers shares, making up a 19.9 per cent stake, were purchased at 102p a share from Tony Bramall, who stepped down as a non-executive director last month after a 14-year stint at the UK car dealership.
Constellation notified Lookers of its investment, Lookers said on Monday, and indicated its support for the group’s “recently outlined strategy and senior leadership”, the statement said on Monday.
“We are delighted to welcome Constellation as a significant shareholder of the group,” said Ian Bull, Lookers chair. “Their investment endorses the board’s view that the group remains significantly undervalued. As outlined in our recent announcement, trading performance is strong, with an excellent new car order bank and the group has a clear strategic framework.”
Shares in Lookers rose 1.5 per cent in early trading on Monday to 89.9p. They have more than doubled over the past 12 months.
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2022-01-31 16:09:46Z
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