Altrincham-based car dealership Lookers plc announced the acquisition of Waterhouse Cars Limited, 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,” said Lookers.

“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 £2 million in the newly acquired site to ensure it is a state-of-the-art Volvo dealership.”

Lookers also announced a commitment to invest £2.3 million 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,” said the Altrincham firm.

Lookers Chief Operating Officer Duncan McPhee said: “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.”