2021 profits skyrocketed at used car dealership V12 Sports And Classics


A 20% increase in revenue at multi-site used-car dealership V12 Sports And Classics in 2021 was topped by a meteoric 63% rise in operating profits, according to accounts filed at Companies House this month- this.

V12 Sports And Classics, headquartered in Hinckley, Leicestershire, is among the UK’s 20 largest independent car dealers and achieved a new record turnover of £177.4m in 2021 .

The figure means he has nearly tripled his earnings in five years from the £60.1million he made in 2016.

Its operating profit of £6.14m in 2021 was 63% year-on-year, and pre-tax profit was 80% up to £5.06m (excluding the cancellation in 2020 of a £7.8 million related party loan owed to the company by Zayray Developments).

V12 Sports And Classics owner Farhad Tailor said in the accounts that it was “a very positive result given the backdrop of a challenging economic environment and the COVID pandemic”.

He revealed that the number of employees had decreased in 2021 from an average of 195 to 157, mainly due to a pandemic-related restructuring undertaken at the end of 2020, but added that the investment in staff is essential and that the group’s internal training department continues to provide staff with the best possible support.

Tailor hinted that the expansion is yet to come.

“The firm’s customer base is concentrated in the UK automotive industry and is subject to annual variations in the size of the UK used car market. However, the firm’s current and planned investment program has provided the company the ability to seek sales opportunities in other UK markets,” he said in the accounts.

In 2019, V12 Sports And Classics moved its headquarters to London Road in Hinckley, including its call center and centralized marketing, accounting, finance and customer service teams, and further invested in its preparation at Rugby to create a preparation capacity of up to 2,000 vehicles. per month.

It has also expanded its network of used car dealerships to eight locations in 2019 and 2020, including openings in Nelson in Lancashire, Luton in Hertfordshire and Witham in Essex.

It now operates used car showrooms in Hinckley, Luton, Nelson, Stoke-On-Trent, Witham, Wolverhampton, Newcastle-under-Lyme and Worksop.

Source link


Comments are closed.