Lookers now owns two Jaguar, two Land Rover and two Volvo dealerships located in Colchester, Ipswich and Bury St Edmunds following the approval of the acquisition on February 27.
Lookers said: “The acquisition is expected to add approximately £55 million to Lookers’ annual turnover and is in line with the group’s strategy to expand the existing market areas with preferred manufacturers in which Lookers already operates.”
The acquisition will increase the group’s number of Land Rover outlets from seven to nine and the number of Volvo outlets from four to six, across the UK. Lookers already operates five Jaguar outlets in Scotland and Northern Ireland and this acquisition means it will represent Jaguar for the first time in England.
Ken Surgenor, Lookers chief executive, said: “We are delighted to have acquired these high quality dealerships and we remain focussed on growing Lookers organically and by acquisition.”