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Glenvarigill losses deepen

Edinburgh-based car dealer Glenvarigill has seen its pre-tax losses more than double following the sale of its luxury Ferrari and Maserati franchises.

According to the accounts filed with Companies House, pre-tax losses increased to £11.5 million in 2004, from £5.3m the year before. Turnover fell to £103.5m from £174m in 2003.

Glenvarigill has scaled back its business since a management buy-out from Drambuie in 2002.

During 2004 the firm sold its core Porsche, Ferrari and Maserati franchises in Edinburgh and Glasgow. Brands now sold by the group include Volkswagen, Audi and Honda.

In February last year, Band of Scotland provided a £5m credit line to Glenvarigill, and is said to remain supportive of the group.

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