Trading and Operational Update

Trading and Operational Update

Lookers plc, ("Lookers" or "the Group"), one of the leading UK motor retail and aftersales service
groups, provides the following update after the re-opening of its dealerships on Monday 1 June, in
line with Government guidance:


  • Trading resumed across the Group, although at lower than normal capacity levels
  • Significant restructuring actions to position the Group for a sustainable future, including the
    closure of a further 12 sites and headcount reductions across the business, to deliver annual
    savings of approximately £50m
  • Net debt of £57m at the end of May with a facility of £250m and property portfolio with an
    adjusted net book value of £325m at 31 December 2019
  • Discussions are progressing with banks to agree amendments to covenants under its revolving
    credit facility
  • The Grant Thornton investigation is nearing completion with Grant Thornton having prepared
    a draft report which is under review and verification by the Board ahead of receiving the final
  • The Group is continuing to invest in and will accelerate the development of more robust
    financial systems and controls and to further improve culture and behaviours
  • The results for 2019 are expected to be published by the end of June subject to the conclusion
    of banking discussions and audit

Please see our regulatory news section for the full operational update

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