Car firm looks north in deal
BRITAIN’S fourth-largest car dealer Lookers has bought smaller rival Benfield Motor Group owner Addison Motors for £87.5m in cash.
Founded almost 60 years ago in Newcastle, Benfield now has 30 dealerships in the north of England and Scotland. The family-run firm had revenues of £699.7m last year and pre-tax profits of £7m.
Lookers chief executive, Andy Bruce, said the Benfield acquisition was a good “cultural fit” and would also help to expand Lookers’ presence in the north east.