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November 1, 2019updated 04 Feb 2020 10:58am

Lookers CEO & COO to step down as 15 dealerships face closure

By chris lemmon

Car dealership group Lookers has announced that Andy Bruce, chief executive officer, and Nigel McMinn, chief operating officer, will be stepping down from the board.

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The announcement comes as Lookers reported a challenging Q3, with a 3.2% decline in like-for-like sales of new cars and a 11.5% decline in like-for-like sales to retail customers. Ongoing weakness in consumer confidence, pressure on used car margins and retail cost inflation were cited as reasons for the downturn in sales.

In reaction to the market challenges, Lookers said it has accelerated its portfolio consolidation to improve the future performance of the group. Some 15 dealerships have been identified for closure, while other sites face relocation or consolidation into nearby dealerships.

A statement from the company read: “The board believes that as well as driving financial efficiencies, this will facilitate an enhanced customer experience in line with the group’s strategy of partnering with the right brands in the right locations. With the exception of two dealerships all will be closed by 31 December 2019.”

Lookers also confirmed that the FCA’s investigation into the company has now commenced and is in its initial planning and fact-finding phase. In June this year, the regulator confirms it would be conducting an investigation into the firm’s legacy sales processes between the period 1 January 2016 and 12 June 2019.

Lookers said: “The group continues to fully support the FCA in its investigation but, at this stage, we are unable to predict what, if any, impact the outcome of the investigation may have.”

Chairman Phil White has agreed to become executive chairman, while non-executive director Richard walker will assume a part-time executive role, until permanent successors have been appointed. Both Bruce and McMinn will remain at Lookers until 31 December.

Bruce said: “After nearly  two decades with Lookers, it is now time for me to move onto new ventures and allow new leadership to take the business into its next chapter.

“I am extremely proud of what we have achieved in building the group into one of the leading car retailers in the sector and I am confident that the talented people in the business will continue to take the business forwards. I wish them all the best for the future.”

McMinn added: “I have enjoyed helping to build the business at Lookers and working with a great team of people.”

 

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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