Lookers’ executive quits amid inquiry

LOOKERS’ chief operating officer has resigned amid a probe over ‘potential fraud’.

Cameron Wade announced his resignation from the car dealership with immediate effect, days after the business said it had identified potential fraud.

Wade had only been at the Altrincham-based business for less than two months.

Lookers gave no reason for his sudden departure in a brief statement to investors.

On Tuesday, the firm said it was suspending the publication of its financial results for 2019 after it reported ‘potentially fraudulent transactions’ in one of its divisions. Shares sank when the markets opened on Wednesday as investors were left shaken by the news.

The company said that it is appointing an external adviser to lead a full investigation into the situation.

Shares fell 6.5pc, or 1.55p, to 22.45p.