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In profit Caffyns plans further acquisitions

Kent and Sussex dealer group Caffyns’ pre-tax profits for the year to March fell by 34% to £3.1m. But when goodwill amortisation and exceptional items were stripped out, pre-tax profits were 5% up at £3.35m. Turnover was 3% up at £153.1m.

Company chairman Brian Carte comments: “Following the buyback of shares in the last two years, it is encouraging to see the adjusted earnings per share rise from 88.1p to 95.5p.”

Chief executive Simon Caffyn says: “After a year of major redevelopment and acquisitions, we are in a strong position to build on our success. We have further acquisition and refurbishment plans which will be financed by the proceeds of the sale of three freehold sites, expected VAT refunds and ongoing profit.”

The freehold sites referred to are the parts wholesale business at Hove, which has moved to leasehold premises nearby, the MG Rover dealership in Tunbridge Wells which has relocated to Tonbridge, and the Vauxhall business in Hythe which was transferred to Folkestone and Ashford.

Last month Caffyns bought the Appleyard VW dealership in Brighton for £515,000. Management accounts show that the retail business made a £163,000 profit last year, on £11.12m turnover. Caffyns also represents VW in Worthing, Haywards Heath and Eastbourne.

The Audi acquisition in Eastbourne will be relocated to a new facility, and the group now represents Audi in Worthing, Brighton, Haywards Heath, Eastbourne, Bexhill and Hastings. Caffyns also controls a key area covering East Grinstead, Ashford and Folkestone. In Ramsgate it added Daewoo to its existing MG Rover business.

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