(Reuters) - British car dealership Lookers
The company expects annual underlying profit to fall by more than two-thirds as the UK car market struggles with dwindling consumer confidence and margin pressures.
Lookers said Chairman Phil White will become executive chairman as Chief Executive Andy Bruce and operations chief Nigel McMinn would leave the company immediately.
Lookers, which warned in July that profit would be below market expectations, said challenges have been worse than expected since mid-September.
The British car industry has been hit by lower vehicle sales amid uncertainty caused by stricter emissions regulations, Britain's impending exit from the European Union and a shift towards sales of electric or hybrid cars.
It now expects underlying profit before tax for the full year to be 20 million pounds ($25.91 million).sonos sonos One (Gen 2) - Voice Controlled Smart Speaker with Amazon Alexa Built-in - Black read more
Lookers, which sells vehicles for multiple automakers including Volkswagen
The company, which had disclosed a regulatory probe and the exit of its finance chief earlier this year, said it would shut 15 dealerships and take a one-off hit of 8 million pounds.
(Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur)
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