	lex service buys sears motor group lex service plc lexl l said it had uired sears motor group ltd the retail motor distribution arm of sears plc sehl l and an mln stg loan note payable by sears motor for mln stg the purchase will be through mln stg in cash and the issue to sears plc of mln new lex ordinary shares the company said in a statement that immediately following the uisition of the motor group its car and commercial vehicle contract hire fleet of some vehicles was sold to lex vehicle leasing ltd for mln stg in cash a sum equal to the net book value of the vehicles transferred lex vehicle is owned equally by lex services and lombard north central plc lex said the shares involved in the transaction were today being placed for sears plc with institutions at p these shares will not qualify for the final lex dividend on april lex said in a statement that its uisition of sears motor group represents a major development for its automotive activities the enlarged retailing operations of the lex automotive group now have a turnover of mln stg lex s existing automotive interests include volvo concessionaires the sole importer of volvo cars and parts into the u k lex said the turnover for sears motor group in the year to december was mln stg and that at the date of the uisition the group had about mln stg in external borrowings lex shares fell on the announcement to trade around p from a p close yesterday reuter 
