Lookers secure refinancing deal with Bank of Ireland

ONE of Britain’s largest car dealerships, Lookers, is planning expansion following a €294 million refinancing deal with Bank of Ireland, it announced yesterday.

It is a move which could make it safer a hostile takeover like that it faced earlier this year from the Britain’s biggest dealership, Pendragon.

The bank has been appointed joint lead arranger in a funding package with the owners of the Charles Hurst group in the North.

The fundraising exercise will enable Lookers to refinance existing debt and provide funds for future acquisitions.

Commenting on the financing package Stephen Kirkpatrick, head of banking at Bank of Ireland, said: “Lookers has agreed a funding structure that allows it to pursue more active growth and acquisition strategies.”

Lookers, headquartered in Manchester, employs 5,000 staff and has 100 car dealerships across Britain.

Founded in 1908 and floated on the stock exchange in 1973, it is now the second largest car dealership in Britain with a capitalisation of €440m.