Acquisition of Fourways Vehicle Solutions
Source: RNS
06 March 2023
Lookers plc
('Lookers' or the 'Group')
Acquisition of Fourways Vehicle Solutions
Lookers, one of the leading UK integrated automotive retail and service groups, is pleased to announce the acquisition of Fourways Vehicle Solutions Limited. ('Fourways'), a leading vehicle hire and brokerage business based in Whitchurch, Shropshire.
Founded in 2003, Fourways has a reputation for delivering first-rate customer focused solutions to major clients across the UK. The business 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 over 75,000 vehicles from some of the UK's major rental companies. Fourways manages in excess of 7,000 rentals per annum and in 2022 had total revenue of £3.8m.
Lookers sees significant opportunity for Fourways to grow its market share and to cater for Lookers own rental requirements at lower cost and with greater certainty.
The acquisition fits with one of the Group's 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. We recently completed our consolidation of operations within Lookers Vehicle Solutions and have a good platform to continue building this part of the Group.
Mark Raban, Chief Executive Officer, 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."
Enquiries:
Lookers
Mark Raban, Chief Executive Officer Tel: 0161 291 0043
Oliver Laird, Chief Financial Officer
MHP Communications
Tim Rowntree / Simon Hockridge Tel: 07709 496125 / 020 3128 8193
Email: Lookers@mhpgroup.com
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