Heritage Automotive highlighted the function performed by “much-improved margins” and lowered administrative bills because it recorded a five-fold enhance in pre-tax earnings in 2021.
The Wiltshire-based AM100 automotive retail group succeeded in rising its turnover 3.9% from £169.5 million to £176.1m within the interval to December 31, 2021 regardless of disposing of its Cheltenham Jaguar Land Rover (JLR) dealership to Marshall Motor Group.
An £823,000 discount in administration bills ensuing from the transaction and its integration of the Blade Motor Group Skoda dealership into its present Volkswagen dealership in Weston Tremendous Mare, in the meantime, helped pre-tax earnings develop from £534,000 in 2020 to £3.33m.
Heritage additionally reported a gross revenue margin up from 9.4% (2020) to 11.1.
The adjustments offset a discount in authorities COVID-19 help, which dropped to £510,000 from 2020’s £1.98m.
Its outcomes assertion mentioned: “The administrators are inspired by the present progress and the dedication demonstrated by the Heritage group.
“The corporate continues to commerce profitably, is properly funded and can proceed to capitalise on new enterprise alternatives as they come up.”
Initially based in 1996, Heritage was purchased by former Colborne Garages homeowners Richard Neulander and John Walsh in 2016.
The enterprise has risen to the highest half of the AM100 franchised seller teams since buying Blade Group in 2019.
A companion with Volkswagen Group, it additionally holds JLR and Honda franchises plus retails a number of bike manufacturers.
This yr the group additionally grew to become an franchisee of the Ineos Grenadier 4×4.