The owner of WeBuyAnyCar.com and Cinch has acquired an almost 20% stake in dealership chain Lookers.
Constellation Automotive Holdings has snapped up a 19.9% holding in the Greater Manchester-headquartered listed company.
The majority of the shares were purchased at a price of 102p each from Tony Bramall (and associates), who stepped down as a non-executive director from the Lookers board in December 2020 after a term of 14 years.
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In an update to the London Stock Exchange, Lookers said Constellation has been in contact with the company about its investment and "has indicated its support for the group's recently outlined strategy and senior leadership".
Other major shareholders in Lookers include D.C.A Bramall and family, Artemis Investment Management and JO Hambro Capital Management.
Lookers chairman Ian Bull said: "We are delighted to welcome Constellation as a significant shareholder of the group.
"Their investment endorses the board's view that the group remains significantly undervalued.
"As outlined in our recent announcement, trading performance is strong, with an excellent new car order bank and the group has a clear strategic framework to deliver our aspiration to become 'The UK's leading integrated automotive retail and services group'."
