Lookers PLC Acquisition
May 04 2023 - 2:00AM
RNS Non-Regulatory
TIDMLOOK
Lookers PLC
04 May 2023
04 May 2023
Lookers plc
Acquisition of Waterhouse Cars Limited
&
Redevelopment of Volvo dealership in Colchester
Acquisition and redevelopment strengthen Lookers' partnership
with key OEM partner, Volvo
Lookers ("Lookers" or the "Group"), one of the leading UK
integrated automotive retail and service groups, is pleased to
announce the acquisition of the business and assets of Waterhouse
Cars Limited ("Waterhouse"), an automotive retail group based in
Chelmsford, Essex.
The acquisition complements the Group's existing Volvo
dealership in Colchester and adds 40 dedicated staff to the local
team. The new site sees Lookers further extend its Volvo footprint,
growing it to five dealerships, alongside the sites in Colchester,
Stockport and Glasgow, and the Polestar dealerships and aftersales
businesses in Manchester and Glasgow.
Following the completion of the transaction, Lookers has
committed to invest GBP2million in the newly acquired site to
ensure it is a state-of-the-art Volvo dealership.
Lookers is also pleased to announce a commitment to invest
GBP2.3m in its existing Volvo dealership in Colchester. The
investment will see the site redeveloped as Lookers seeks to invest
in the local Essex area and futureproof the site with a focus on
aftersales and electric vehicle infrastructure.
Duncan McPhee, Chief Operating Officer at Lookers,
commented:
" Growing our partnership with Volvo remains a priority and our
acquisition and the new investment in Chelmsford, as well as our
commitment to redevelop our existing dealership in Colchester are
steps in the right direction for Lookers.
"We are delighted to welcome the Waterhouse team to the Group
and are excited to be building on our relationship with Volvo as we
seek to further extend our footprint of dealerships with this
iconic brand across the country.
" Our acquisition and redevelopment commitments demonstrate our
focus on expanding our business and we are actively pursuing a
healthy pipeline of opportunities."
Enquiries:
Lookers via MHP Communications
Alan Tovey / Charles Hirst: 07595 461 231 / 020 3128 8193
About Lookers ( www.lookersplc.com )
Lookers is one of the leading UK integrated automotive retail
and service groups. The Group's principal activities are the sale
of new and used cars, vans and aftersales activities. The Group's
businesses have a total of 143 franchised dealerships representing
31 manufacturers, operating across the UK and Republic of
Ireland.
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END
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