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Lookers to axe 1,500 jobs after subdued reopening

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Lookers PLC (LON:LOOK) said it is to axe 1,500 jobs as well as closing 12 sites after a subdued reopening of activities.

The restructuring, coming with a one-off charge of £9mln, will save £50mln per year in payroll costs.

READ: Pendragon has merger plan rejected by rival car dealer Lookers

The car dealer has been offering maintenance services since April, implemented a new contactless vehicle delivery process on 18 May and reopened most salons on 1 June.

However, the current orders equal 51% of last year’s like-for-like sales for the same period.

At the end of May, 66% of staff were in furlough, which is expected to reduce to 55% this month.

Last month ended with £57mln net debt and an adjusted net book value of £325mln.

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