Lookers PLC Acquisition

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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May 04, 2023 02:00 ET (06:00 GMT)