Turnover accelerates at high-end car retailer

Turnover accelerated to almost GBP750m at one of the largest privately owned new and used car retailer groups in the UK, new accounts have revealed. Newly filed documents for Warwickshire-headquartered Rybrook Holdings show the group achieved a turnover of GBP749.7m for the year to 31 December 2018, up from GBP671.9m in 2017. The company, which represents most major specialist and luxury franchises, also reported pre-tax profits of GBP1.9m compared to GBP3.1m.

A statement signed off by the board said: "The UK new car market recorded a further fall in 2018, down 6.8 per cent with supply disruption from changes in the emissions testing regime adding to the continued negative sentiment on diesel vehicles and ongoing decline in consumer and business confidence amid Brexit uncertainty. The used car market held up better but also showed a small decline. "In this difficult environment the group achieved an operating profit of GBP4.7m, up GBP700,000 on the prior year, assisted by a full-year contribution from the Wolverhampton BMW, Mini and Motorrad business acquired midway through 2017.

"After covering an increase in stock finance charges of GBP400,000, largely reflecting an increase in interest rates and the increased scale of operations, overall profit before goodwill, exceptional items and tax improved from GBP2.6m to GBP2.8m. "While the market is expected to remain challenging, directors believe that the group is well placed to face these challenges." On 28 February 2019 the group acquired the Jaguar Land Rover dealerships in Stoke-on-Trent from the Pendragon Group for an initial consideration of GBP3.7m.

Founded in 1937 as Ryland Motors, the group's beginnings were in truck sales and coach building. In 1994, the group became a plc under the chairmanship of Peter Whale, grandson of the company's founder. After nine years as a plc, Whale led a management buyout returning the group to private ownership.

Since then Rybrook has concentrated on the specialist car sector.

You may also like...