Dealership chain Lookers PLC has pencilled a deal to sell it’s parts businesses to Alliance Automotive Group for a reported £120m. The business consists of the brands Apec Braking, BTN Turbo and FPS.
Alliance Automotive Group is an investment firm with many interests in automotive distribution throughout Europe, notably GroupAuto in the UK.
Lookers CEO Andy Bruce said: “I am pleased to announce this conditional agreement which the board believes is in the best interests of the shareholders”
Neil Davis, the MD in the Parts Division at Lookers will remain within the Parts Division of AAG. This means he will no longer be on the board of Lookers when the deal completes in October.