Lookers delays results due to fraud investigation

Manchester car dealership Lookers plc said late on Tuesday that it has decided to postpone the announcement of its annual results — which were due on Wednesday — because it has discovered “potentially fraudulent transactions in one of its operating divisions.”

In a stock exchange statement, Lookers said: “In the final stages of preparing its results for the financial year ended 31 December 2019, the company has identified potentially fraudulent transactions in one of its operating divisions.

“As a result the board has decided to postpone the announcement of its results until the second half of April.

“Whilst the initial findings are not material in the context of the group, the board is appointing an external adviser to lead a full investigation into the matter.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.