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Glenvarigill downsizes as losses lessen

Losses have been slashed by almost £9m at Scottish dealer group Glenvarigill, as the business continues to downsize.

Its accounts for 2005, filed this month, show losses down to £3.6m against the £12.3m deficit in 2004, boosted by dramatic restructuring and the disposal of numerous businesses, including Porsche, Ferrari, Maserati, Renault and ChryslerJeep.

Overall turnover dropped £15m to £124m, although sales from continuing operations actually rose 17%. Staff numbers dropped by 150 during the year.

Its directors’ report describes the pace of turnaround as “extremely encouraging”, and says sales were “in line with manufacturer targets”.

AM reported on October 6 that Glenvarigill has sold its two Audi outlets to Lomond Motors. Its Honda franchise, comprising two dealerships, is believed to be under consideration by a management buyout team.

That would leave it with two Peugeot and one Volkswagen businesses remaining.

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