Turnover rose by over £180 million at a family-owned car dealership, during what has been described as an “impressive year”.
The latest annual results for T.G. Holdcroft (Holdings) based in Hanley, Stoke-on-Trent, shows turnover increased 38 per cent – ahead of expectations – from £476.9 million to £659.9 million in the year to 31 December 2022.
The company, which opened its first dealership in 1966 and is now one of the largest motor vehicle retailing groups in the UK, says it has achieved year-on-year growth for over 20 years.
Pre-tax profits stood at £10.2 million, compared with £10.8 million in the previous year.
A Group Strategic Report reads: “It has been an impressive year, as the business has continued to benefit from its unique model and the extraordinary market conditions, combined with the hard work and dedication of our exceptional team and the strong partnerships we have forged with our franchise partners.”
It adds: “We entered 2022 with a strong order book of both new retail and new corporate vehicles, supply of which manifested through the year, as the production of new vehicles steadily increased following the factory disruptions caused by the pandemic and the shortage of semi-conductor components.
“Overall, new car deliveries in the year hit a record 15,966 for the group.
“We also carry forward a significant number of new vehicle orders for 2023 delivery.”
Supply of electric vehicles increased over the year, with the firm saying it “enjoyed considerable success with a much richer sales mix” versus peers with its own represented brands.
T.G. Holdcroft (Holdings) has 29 dealerships in Stoke-on-Trent and across the North West.
“Exceptional” growth was achieved in the Renault division, which also includes Dacia and Alpine, and the Hyundai division performed well with new vehicle sales up 21 per cent.
Increases in MG sales helped to substitute missing sales from other franchises.
Trade parts sales saw a notable increase with revenue increasing from £13 million to £21 million.
- T.G Holdcroft (Motors), which represents the Volvo and Mazda franchises in Stoke-on-Trent, a Mazda franchise in Oldham and operates a standalone authorised repair centre in Stoke-on-Trent, saw its turnover reduce to £80.7 million from £102.9 million during the same financial year. Pre-tax profits dropped from £1.3 million to £1.02 million.
