Listed motor dealership Lookers has announced it has appointed a new chief executive and chief operating officer.
It comes as the Greater Manchester company reported 2019 was a “challenging year” in a trading update for the 12 months to December 31.
Mark Raban, former chief financial officer, will become the firm’s chief executive, while Cameron Wade joins as chief operating officer and director, both with immediate effect.
In November 2019, former chief executive Andy Bruce and chief operating officer Nigel McMinn announced they would step down from the board with immediate effect.
The group is also due to being a search for a new chief financial officer “shortly”, it said.
Mr Raban said: “2019 was a challenging year for Lookers. The declining new car market, political and economic uncertainty and increased operating costs were all factors in the Group’s decline in profitability.
“Over recent weeks the Board has instigated a number of clear and decisive actions to stabilise and improve operational and financial performance.
“The Board remains confident about the long-term prospects for the group, benefitting from excellent OEM relationships, strategic trading locations and a strong freehold property portfolio.”
In its trading update, the firm said, despite challenges, trading in the final quarter was “as expected” and anticipates underlying pre-tax profit to be in line with expectations.
The group said its like-for-like sales of new vehicle over the year were “marginally” ahead of the overall market, in which UK new car registrations declined by 2.4 per cent to 2.3m units.
However, in Q4 like-for-like unit sales of new vehicles declined by 6.6 per cent compared to a UK market decline of 1.6 per cent.
The group said trading in the first weeks of 2020 has been “broadly” in line with expectations.
However it said the Society of Motor Manufacturers and Traders has forecast a further decline in the new car market this year, with business faces the uncertainty and impact from the practicalities of leaving the European Union.
The trading update comes after the company announced it was to shut its offices in Newcastle.
The group is due to published is full-year results on March 11.
