Car dealership expands into North East with acquisition
Car dealership group Lookers has expanded into the North East thanks to its latest acquisition.
The Altrincham firm has bought Jennings Motor Group for an undisclosed amount.
Jennings is a well-established brand in the North East and the firm has deals in place with Ford, Kia, Seat and Mazda.
Lookers chief executive 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. Both place the customer at the heart of the business, offer excellence in customer service and attract and retain the best people in the industry.
“I would like to welcome all of the great people in Jennings into the Lookers group. We’re proud to have acquired this highly respected business and we aim to help it to accelerate its growth under our ownership.”
Lookers group reported an annual turnover of £4.7bn in 2017 with an operating profit of £84.7m.
Nas Khan, chairman and owner of Jennings, said: “The sale to Lookers represents the next stage in the evolution of a company which, just over 100 years ago, was one of the first companies in the country appointed by Ford to sell its cars.
“It is all our employees, past and present, and our customers who have made the business what it is, as well as our excellent relationship with our manufacturers.
“I am proud to hand over the business in such good shape to Lookers, for them to continue with the standards of customer service and care which typifies the Jennings brand.”
UHY Hacker Young Manchester advised Jennings on the sale.