Tim in Scotland
Member Since: 23 May 2007
Location: The Land that time forgot
Posts: 3753
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| Lookers Group financial blackhole | |
Oh dear, overstated profits warning....... IIRC they are the biggest car dealer group in the U.K.
Lookers fraud probe reveals £19m hole in accounts https://www.bbc.co.uk/news/business-53217484 Pangea Green D250 90 HSE with Air Suspension, Off-road Pack, Towing Pack, Black Contrast roof , rear recovery eyes, Front bash plate, Classic flaps all round, extended wheel arch kit and a few bits from PowerfulUK Expel Clear Gloss PPF to come
2020 D240 1st Edition in Pangea Green with Acorn interior. Now gone - old faithful, no mechanical issues whatsoever ever but the leaks and rattles all over the place won’t be missed!
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29th Jun 2020 12:22pm |
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Rashers
Member Since: 21 Jun 2015
Location: Norfolk
Posts: 3508
 
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Another accountancy black hole.
Tesco's had one a few years ago, Lookers now.
There are two main issues why people fiddle, or massage the books and they are personal financial gain through bonus and unachievable expectations from the directors or management or both!
It's bad news for them, especially in the current economic climate. Sadly sites will shut and employees sent down the road through no fault of their own. All very sad. I don't suppose Lookers are unique. They just couldn't keep all the plates spinning. When one falls, it all comes crashing down.
The MD will probably retire or move on and take his £3.5m payout and his pension paid up where as the lady who worked in the parts department will be lucky to see her statutory redundancy pay 
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29th Jun 2020 12:49pm |
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Supacat
Member Since: 16 Oct 2012
Location: West Yorkshire
Posts: 11018
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29th Jun 2020 6:05pm |
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