The highest 10 AM100 vendor group Lookers has expanded its portfolio of Volvo dealerships with its takeover of Waterhouse Automobiles in Chelmsford.
The acquisition enhances Lookers’ current Volvo dealership in close by Colchester and provides 40 employees to the group.
Accounts for Waterhouse, which was owned by Richard and Henry Butler, present that in June 2021 it obtained two-years’ discover of termination from Volvo Automobiles. That yr it achieved £27.5m turnover.
Lookers has dedicated to a £2 million funding within the newly acquired enterprise to convey it as much as the present VRE (Volvo Retail Expertise) model customary.
The group can be set to take a position £2.3m in its current Volvo dealership in Colchester, specifically to enhance its aftersales and electrical automobile infrastructure.
Duncan McPhee, Lookers’ chief working officer, mentioned: “Rising our partnership with Volvo stays a precedence and our acquisition and the brand new funding in Chelmsford, in addition to our dedication to redevelop our current dealership in Colchester are steps in the suitable course for Lookers.”
McPhee added that he was delighted to welcome the Waterhouse workforce to Lookers, and mentioned he Lookers intends to “additional lengthen our footprint of dealerships with this iconic model throughout the nation”.
“Our acquisition and redevelopment commitments display our concentrate on increasing our enterprise and we’re actively pursuing a wholesome pipeline of alternatives.”
Lookers now has Volvo dealerships in Chelmsford, Colchester, Stockport and Glasgow, plus Polestar dealerships and aftersales companies in Manchester and Glasgow.
Final month Lookers informed AM it was on the hunt for acquisition targets, as chief government Mark Raban mentioned that he was “delighted” with the automobile vendor group’s 2022 monetary outcomes, exhibiting turnover rose 6.2% to £4.3 billion (2021: £4.05bn) because the AM100 group’s underlying pre-tax income declined 8.2% to £82.7m (2021: £90.1m) within the buying and selling interval to December 31, 2022.
That PBT efficiency represented 3% development, nevertheless, with the exclusion of the £9.8m of UK Authorities COVID-19 assist obtained throughout 2021.