New finance director takes over at debt-hit Lookers

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David Dyson is leaving the company probably to take up another job and is being replaced by Robin Gregson who used to be finance director at rival dealers CD Bramall.

Meanwhile, Ken Surgenor, the company's chief executive, said of the Government's £2,000 car scrappage scheme: " It has created interest, made the phones ring and is bringing customers into the showrooms.

"We are selling cars as a result. We continue to trade ahead of budget and to be highly cash generative.''

But Lookers is still in the process of finalising talks with its banks about rescheduling some £210 million of debts.

Last month it warned that there was "material uncertainty" about its ability to "continue as a going concern".

That explains why Dyson has been asked to continue on a consultancy basis as Gregson takes over his role.

Today Lookers said that it remained "in advanced discussions with finance providers", but added that any "new arrangements are likely to be significantly more expensive".

The company said that this has forced it to look at finding "alternative sources of capital" in order to reduce the cost of bank borrowings.