Lookers’ Phil White up for re-election as chairman search continues

Lookers has revealed that chairman Phil White will stand for re-election at its AGM as the AM100 PLC’s search for a successor continues.

In a company update issued via the London Stock Exchange this morning (June 7), Lookers also revealed that it would split its AGM and general meeting in order to take advantage of the Financial Conduct Authority's (FCA) extended reporting deadline for its 2020 Full Year Results.

Following last month’s news of Lookers’ renewal of its banking facility, the group said it will release its audited preliminary 2020 annual financial results for the year ended December 2020 on June 29.

The group has posted to shareholders notice of its AGM, which will be held at the Manchester Airport Marriott Hotel, Hale Road, Altrincham, at 10am on June 30.

As in 2020, the group said that standard shareholder resolutions relating to the audited financial statements and auditors' and directors' reports, approving the directors' remuneration report and the re-appointment and remuneration of our auditors, will be tabled at the separate general meeting of shareholders.

In an update of Lookers’ board of directors, the group said that director and interim chief financial officer, Anna Bielby, would be remaining in-post for longer than the six-month placement initially planned.

Lookers said that Bielby, who “has made a valuable contribution to the group” had agreed to extend her stay to the end of July, following finalisation of a number of key projects.

Unlike White, however, Bielby will not be seeking election as a director at the AGM.

The search continues for a successor to White, who has been asked to remain as chair to ensure an orderly handover.

Today’s statement said: “Whilst previously announced that he will not be standing for re-election, Phil has now agreed to stand for re-election at this year's AGM.

“The Board would like to thank Phil for his resilient and clear leadership, particularly over the last 12 months as the group has resolved a number of legacy issues.”

Lookers’ statement added: “As the group looks forward with renewed confidence, it will continue to update on progress with both the chairman and chief financial officer positions.”

Lookers said that it was keen for shareholders to attend its AGM and general meeting in person.

However, the AGM notice posted today gives details of how shareholders will be informed if an open meeting is not possible and the consequential arrangements.

Lookers revealed in a trading statement last month that it will return to “normalised reporting” of its annual financial results after renewing its banking facility and reporting continued strong trading momentum the first four months of 2021.

It reported new car sales up by 32.6% and used car sales up 32.5% year-on-year on a like-for-like basis in a trading update for the period to April 30 published via the London Stock Exchange.

In light of the strong start of the year, the group forecasted a 2021 profit before tax which will “comfortably exceed current market consensus” of £34 million.