Lookers delays results due to fraud investigation
Car dealership Lookers has postponed publishing its full-year results after discovering a potential fraud inside the business.
The firm, which has sites in the Black Country, Shropshire and Staffordshire, said it would appoint an external adviser to investigate suspicious transactions at one of its divisions.
The group, which runs 164 car dealerships, said: “In the final stages of preparing its results for the financial year ended December 31 2019, the company has identified potentially fraudulent transactions in one of its operating divisions.
“While the initial findings are not material in the context of the group, the board is appointing an external adviser to lead a full investigation into the matter.”
It expects the results to be published by the second half of April.
Lookers sells vehicles for large manufacturers including Toyota, Ford and Volkswagen, as well luxury marques such as Aston Martin, Bentley and Ferrari.
Last month Lookers announced a shake up of its senior leadership team, appointing Mark Raban and Cameron Wade as the firm’s chief executive and chief operating officer.
In November, Andy Bruce and Nigel McMinn stepped down after the firm issued a profit warning.
In the company’s latest trading update it said group sales of new vehicles declined 6.6 per cent in the fourth quarter of 2019.
