The highest 10 AM100 supplier group Lookers has expanded its portfolio of Volvo dealerships with its takeover of Waterhouse Vehicles in Chelmsford.

The acquisition enhances Lookers’ present Volvo dealership in close by Colchester and provides 40 workers to the group.

Accounts for Waterhouse, which was owned by Richard and Henry Butler, present that in June 2021 it acquired two-years’ discover of termination from Volvo Vehicles. That 12 months it achieved £27.5m turnover.

Lookers has dedicated to a £2 million funding within the newly acquired enterprise to deliver it as much as the present VRE (Volvo Retail Experience) model customary.

The group can also be set to take a position £2.3m in its present Volvo dealership in Colchester, particularly to enhance its aftersales and electrical car infrastructure.

Duncan McPhee, Lookers’ chief working officer, stated: “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 present dealership in Colchester are steps in the fitting route for Lookers.”

McPhee added that he was delighted to welcome the Waterhouse workforce to Lookers, and stated he Lookers intends to “additional prolong our footprint of dealerships with this iconic model throughout the nation”.

“Our acquisition and redevelopment commitments show our give attention to 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.

Last month Lookers told AM it was on the hunt for acquisition targets, as chief executive Mark Raban said that he was “delighted” with the car dealer group’s 2022 financial results, 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% progress, nevertheless, with the exclusion of the £9.8m of UK Authorities COVID-19 assist acquired throughout 2021.