The investigation into fraud at Lookers has exposed a £19 million ‘black hole’ resulting from overstated supplier bonuses, fraudulent expenses claims and the inconsistent application of policies, processes and accounting standards.
Lookers is preparing to shake-up its board of directors in the search for ‘new skills and experience’ to guide the AM100 car retail group through the next phase of its development.
Lookers expects to be hit by a temporary suspension of shares trading after conceding that its 2019 annual financial results will not be published in time for the Financial Conduct Authority’s (FCA) June 30 deadline.
Lookers will close a further 12 car dealerships and cut its employee headcount by up to 1,500 as part of a restructure plan aiming to make annual savings of £50 million.
Pendragon has claimed that it is “well-positioned” despite the end of merger talks with fellow AM100 car retail group Lookers which would have created the UK’s largest car retail group.
It is interesting to see further details announced today around the ongoing financial investigation at Lookers.
Lookers will expand its internal fraud investigations to its entire business after initial findings from one of its operating divisions resulted in an expected one-off charge of over £4 million in its 2019 financial results.
Lookers' Charles Hurst Toyota has raised a total of £54,496 through a series of charity events for Action Cancer.
Lookers’ chief operating officer Cameron Wade has resigned his post with immediate effect as share prices at the AM100 car retail group declined to a record low.
Lookers has revealed that it will delay the publication of its 2019 annual financial results after finding evidence of potentially fraudulent transactions in one of its operating divisions.
Lookers has presented an award marking 45 years of service from George Currie in its Northern Ireland Charles Hurst dealerships.
Three new roles have been appointed at Lookers, Mercedes-Benz Retail Group and Nissan Motor GB.
As indicators of a positive business culture go, a return-on-sales percentage which regularly outstrips that of staff turnover is hard to beat.
Lookers Group will target “improved operational execution” in 2020 following the appointment of Mark Raban as its new chief executive and Cameron Wade as chief operating officer.
Lookers has appointed former Capital One chief operating officer Victoria Mitchell as a non-executive director and Phil Kenny as its new general counsel and company secretary.
Lookers has officially opened the doors to its new 16,193 square foot Jaguar Land Rover (JLR) dealership in Aylesbury.
Lookers has appointed former HBOS chief information officer Heather Jackson as a non-executive director of the company with effect from today (November 25).
Lookers has created 32 new jobs through the creation of a new £3 million Vauxhall wholesale parts centre in Aston, Birmingham.
AM100 car dealer group Lookers has announced that chief executive Andy Bruce and chief operating officer Nigel McMinn are leaving at the end of this year.
Lookers has celebrated the history of the Audi brand with a display of Le Mans winning racing cars and classic vehicles at the official VIP opening of its new flagship dealership at Farnborough.
