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Nationwide profits up by £1m for Perry Group

Perry Group's body repair network raised profits last year, to £3.2m, compared to £2.2m in 1999, on the back of improved results in London. It appears to back Perry's claims that accident repair is more profitable than car retailing. Last month the group sold its dealerships in an MBO to Pearlglass for £25.9m. It said a company review concluded that “significantly higher returns” could be achieved from body repair. Perry Group total turnover, including the motor division, fell last year to £418.5m from £446.5m in 1999. Profits slumped nearly 60%, from £3.7m to £1.6m due to losses from retailing. The group now plans to focus on the 64 Nationwide Crash Repair Centres, which it intends to expand to around 100 outlets, and the PDS Ford parts wholesale business. Richard Allen, Perry Group chairman, said: “The group is committed to growing Nationwide, both organically and by acquisition. “Nationwide is the UK market leader by a big margin yet its share of the £5bn accident repair market is still tiny. We believe that the sector is ripe for consolidation and that Nationwide is well placed to achieve significant growth.” Nationwide has around 3% of the body repair market – totalling more than 140,000 repairs.

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