AM Online

Caffyns sticks to acquisition trail with record profits

Caffyns has posted record turnover in the year to March 31 of £160m, up £20m on the previous 12 months. Profits also increased - from £1.1m to £2.78m. The group, which has 13 dealerships in the South-east, intends to continue its acquisition strategy with “strong franchises” like VW, Peugeot, Volvo and Audi.

It has sold two Mercedes-Benz dealerships after DaimlerChrysler UK terminated the dealer network in favour of a market area strategy with fewer partners, a decision described as “a disappointment.,p> Simon Caffyn, group chief executive, says: “We are finalising the arrangements with the incoming dealer. A substantial cash inflow in the region of £5m will result, enabling us to continue to invest in our more profitable franchises.”

The results effectively move Caffyns up from 46th in the latest AM100 to 40th.

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Comment as guest

Login  /  Register


No comments have been made yet.