Lookers buys vehicle hire and broker business Fourways

6th Mar 2023 10:42

(Sharecast News) - Car dealership Lookers said on Monday that it has bought Fourways, a vehicle hire and brokerage business based in Whitchurch, Shropshire, for an undisclosed sum.

Founded in 2003, Fourways provides a UK-wide vehicle rental service, using a combination of its own fleet of vehicles and its vehicle rental broking arm, which has access to more than 75,000 vehicles from some of the UK's major rental companies.

Fourways manages in excess of 7,000 rentals per annum and had total revenue of £3.8m in 2022.

Lookers said the acquisition fits with one of its key strategic priorities to leverage its corporate leasing and fleet capabilities. Fourways will sit within Lookers Vehicle Solutions, the umbrella brand for all corporate operations, with "significant" growth potential, it said.

Chief executive Mark Raban said: "We are very excited to welcome Fourways to Lookers. Over the last 20 years, the team have built a reputation for providing industry-leading service to many high-profile customers seeking corporate vehicle solutions.

"With the consolidation of our own leasing business now complete, we are excited to add further scale to the division. Fourways is another step on our journey to grow our leasing and fleet platform, building and improving our offering for an increasing customer base."