Lookers will be making a further investment in its dealership network with the purchase of Jennings Motor Group for an undisclosed sum.
Jennings, the North East based group, is a respected and well-established name across the region and whilst Ford is their key brand partner, they also represent Kia, Seat and Mazda.
The acquisition of Jennings reinforces Lookers’ position as one of the largest motor retailers in the UK and strengthens its position in the region, following the purchase of Benfield with 30 locations almost 3 years ago. The purchase is another show of confidence by the company in the wider UK automotive market and the continued demand for both new and used vehicles.
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 aims to be a major consolidator in what remains a highly fragmented market and the acquisition of Jennings Motor Group represents an important development for the group, while it continues to concentrate on operational excellence and consistent organic growth.
Dr Nas Khan OBE, Chairman and proprietor 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.”
David Kendrick, Partner at UHY Hacker Young Manchester LLP, who advised Jennings, said: “Jennings has been a long established and very successful group for many years now. The acquisition by Lookers makes complete sense and complements their strong North East presence, also enhancing their Ford representation.”