The millionaire car trader Tony Bramall has raced to the rescue of Lookers, which is fighting a £244m takeover bid from its larger rival Pendragon.

Mr Bramall has bought GE Corp's 24.4% stake in Lookers, making him its largest single shareholder, and says he will not accept the deal.

He will join the Lookers board and said: "This as a very good investment ... in a well-run group where there is substantial scope for growth."

Although Pendragon insisted last night that it could still win over enough investors by tomorrow's deadline, Mr Bramall looks to have secured Lookers' independence.