Lookers Announces New Senior Team Appointments

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Lookers plc one of the UK’s leading motor retail and aftersales service groups, is pleased to announce the promotion of Nigel McMinn to the role of Chief Operating Officer and the appointment of Allan Rushforth to the role of Managing Director. Both of these appointments are with immediate effect.

Nigel McMinn, Chief Operations Officer

Lookers plc one of the UK’s leading motor retail announces the promotion of Nigel McMinn to COO and the appointment of Allan Rushforth to the role of MD.

The Lookers business has seen significant growth, particularly in recent years, and these appointments are designed to strengthen the company’s senior management team to reflect the increased scale of operations.

Since joining in 2013, Nigel has made a substantial contribution to the business in terms of developing the three key strategic focus areas of: people, technology and brand, whilst significantly strengthening key manufacturer and supplier relationships.

Allan Rushforth will now take up the role of Managing Director and will report to Nigel and have the Franchise Director team as his direct reports, with a clear focus on delivering outstanding operational performance on customer, brand partner and financial metrics.

Allan has had a highly successful career in the automotive sector, culminating in the role of Corporate Vice President of Global Sales for Nissan. Prior to Nissan, he held a variety of senior roles with Hyundai including COO of Hyundai Motor Europe and has held a variety of other senior roles both internationally and in the UK.

We are also pleased to announce that Robin Gregson will now become Chief Financial Officer, again with immediate effect.

Andy Bruce, Lookers’ Chief Executive Officer, commented on the appointments;

“Nigel's promotion is richly deserved and recognises his pivotal position in the progress we have made in recent years.

“I am also delighted that Allan, a true global industry leader, is joining our team and I have no doubt he will prove to be a huge asset to our business in the years to come.

“Given the scale and complexity of the business we now have, it is entirely appropriate that we recognise the outstanding contribution that Robin has made to our success in his time with the business.”

Nigel McMinn, Chief Operations Officer, said,

“These changes provide the foundations for the continued growth of Lookers plc, providing our business with the organisational capability to stay ahead of the market, accelerate our strategic ambition and achieve our short term operational goals.”

Allan Rushforth, Managing Director added,

“It’s terrific to return to the UK and to join the team at Lookers which I know & trust. During an important period for British business and in a sector that’s likely to change at a faster rate than ever before, I’m convinced we can deliver enhanced stakeholder value, founded on the best customer experience in the business.”

ENDS

NOTES TO EDITOR:

  • Andy Bruce, Lookers CEO, won ‘CEO of the Year’ at the prestigious Motor Trader of the Year 2016
  • Lookers won ‘Dealer Group of the Year Award’ at Motor Trader of the Year 2016, this followed the 2015 win by Benfield Motor Group that won in 2015
  • Lookers is the new name of Benfield Motor Group
  • Lookers group annual turnover in 2015 was £3.6bn
  • Lookers sold almost 200,000 new and used cars and vans
  • The motor division consists of 166 franchised dealerships
  • 31 marques are represented and support by Lookers
  • Lookers employ almost 8,500 people across the group
  • The combined turnover of the Motor Trader Top 200 was £56.4bn, an increase of £4bn over the previous year.

INTERIM RESULTS H1 2016, ENDED 30 JUNE 2016:

  • Full results are available at http://www.lookersplc.com/investors
  • Revenue increased 33% to £2.34 billion (2015: £1.75 billion\)
  • Profit before tax increased by 17% to £46.7 million (2015: £39.9 million)
  • Earnings per share up 17% at 9.44p (2015: 8.08p)
  • Increase in interim dividend of 20% to 1.28p per share (2015: 1.07p)
  • Net debt significantly reduced to £74.9 million (31 December 2015: £161.7 million)

OPERATION AND POST-PERIOD END

  • Proposed disposal of Parts Division for £120m announced 10th August – expected to complete by the end of October 2016
  • Conditional agreement to acquire Drayton Group for £55.4m announced on 15th August –expected to be earnings enhancing for the year ending 31 December 2017

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Ian Dinning
Lookers plc
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