Lookers sells Land Rover dealership for £10.5m

8th Jul 2014 09:18

UK-based car dealership group Lookers has sold its Jaguar and Land Rover site in North London for £10.5m.The firm has sold the Barnet site to AIM-listed Cambria Automobiles, which currently operates Jaguar dealerships in London, the acquisition is part of the group's plan to boost underperforming dealerships.Cambria said the purchase includes £3.75m for the freehold property, £5m of goodwill, £0.46m for fixed assets, with the remaining £1.26m for used cars, parts stock, demonstrator vehicles, accruals and prepayments. The dealership is expected to be earnings enhancing in the next financial year 2014/15.Chief Executive Office Mark Lavery said: "It is very pleasing to announce the acquisition of our first Land Rover and the addition of a sixth Jaguar dealership, which are expected to be rapidly earnings enhancing and strengthen our brand portfolio mix."As of 09:45 the share price had risen 0.93% to 53p.WS