Lookers COO Cameron Wade resigns

Car dealership Lookers has announced the resignation of chief operating officer Cameron Wade with immediate effect.

The news came just two days after the company delayed the release of its results due to possible fraud, sending its shares tumbling.

In a statement on Tuesday, it 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, it decided to postpone the announcement of its results until the second half of April.

Lookers said that while initial findings were "not material in the context of the group", it has appointed an external adviser to lead a full investigation into the matter.

At 1030 GMT, the shares were up 1.7% at 24.41p.