TROUBLES are piling up at the Lookers Motor Group which has announced will temporarily suspend shares on July 1.
This came as the Group delayed its 2019 results again and follows announcements that it is to cut a further 12 dealerships from its portfolio and 1,500 jobs.
Lookers has already said that a Grant Thornton investigation into fraudulent activity within the company was nearing completion and that a draft report had been shared with the company’s auditors.
After consultation with the Financial Conduct Authority it was decided ‘additional procedures’ were required before last year’s results could be finalised.
Lookers said in a a statement to the Stock Market: “After consultation with the FCA, if the 2019 results are not published by June 30 the company anticipates that trading in the company’s shares will be temporarily suspended with effect from 7am on July 1 until publication of the 2019 results.
“The company’s priority and focus is the production of the 2019 results at the earliest possible date and by no later than the end of August 2020.”
Lookers said the board and the company’s finance team are working closely with Deloitte to develop ‘an action plan’ to ensure the additional work is completed as soon as possible.
Over the past few months the Dealer Group has been in negotiations with other Groups with a view to possible mergers while it has also been talking to banks in a bid to secure its future.
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