Lookers buys Fourways Vehicle Solutions to grow corporate client base

Lookers has bought fleet and leasing business Fourways Vehicle Solutions for an undisclosed sum to expand its footprint in the corporate sector.

Lookers, which was ranked 32nd in last year’s FN50 with a risk fleet of 3,762 cars and vans, announced the acquisition on the London Stock Exchange this morning (March 6).

Mark Raban, Lookers chief executive, said: “We are very excited to welcome Fourways to Lookers. Over the last 20 years, the team have built a reputation for providing industry-leading service to many high-profile customers seeking corporate vehicle solutions.

“With the consolidation of our own leasing business now complete, we are excited to add further scale to the division.”

Founded in 2003, Fourways provides a UK-wide vehicle rental service, using a combination of its own fleet of vehicles and its vehicle rental broking arm and has access to over 75,000 vehicles from some of the UK's major rental companies.

According to today’s announcement, Fourways manages in excess of 7,000 rentals per annum and in 2022 had total revenue of £3.8 million.

Lookers said that its Fourways acquisition fitted with its strategic priority to leverage its corporate leasing and fleet capabilities.

Fourways will sit within Lookers Vehicle Solutions, the umbrella brand for all corporate operations, with “significant growth potential”, it said, stating: “We recently completed our consolidation of operations within Lookers Vehicle Solutions and have a good platform to continue building this part of the Group.”

Raban added: “Fourways is another step on our journey to grow our leasing and fleet platform, building and improving our offering for an increasing customer base.”

The business currently has 20 vans and 26 fixed sites to deliver the service and plans to scale the operation with the addition of 10 more vans and 20 additional fixed sites in 2023.