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Quicks' profits hit by reorganisation

Quicks Group has picked up its second Jaguar franchise, taking over the Stockport, Greater Manchester, territory from HR Owen-owned Holindrake.

The company is to invest £1.7m in a new dealership in the area as it focuses business on selected marketing areas and slims down central management costs.

Richard Barber, chief executive, said: “During last year we expanded marketing territories with Ford at Wrexham costing £1.8m, Peugeot at Stourbridge costing £1.1m and Vauxhall at Hemel Hempstead and Chesham costing £800,000.”

The reorganisation is continuing to hit Quicks financial results with a £1.4m exceptional charge in the year to December 31. Turnover was down from £643m to £600m, mainly due to disposal of unprofitable businesses and pre-tax profits were also down, to £3.4m from £5.3m. Before exceptional charges the pre-tax profit was down £700,000.

The group's motor division increased profits by 33% or £900,000 with improved margins in both new and used vehicle sales. Aftersales profits were up 2.8% but trading in the parts division was “extremely difficult” with profits down by £2m.

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