Caffyns to expand used operation after £1.1m land purchase

Caffyns has acquired a 2.1-acre “parcel of land” for £1.1m as it prepares to extend its current used car operation in Ashford.

A statement issued via the London Stock Exchange revealed the plan to extend the existing site on Monument Way, Orbital Park, Ashford, Kent.

It said: “Caffyns plc announces that it has acquired a parcel of land, approximately 2.1 acres, in Ashford, Kent.

“Total consideration for the Land is £1.125 million in cash which will be satisfied from the Company's existing bank facilities.

“The Land adjoins the Company's current operations in Ashford and is intended to be used to further expand its existing used car operation, Caffyns Cars.”

In May, Caffyns reported that growth in new and used car sales had boosted revenues by 10.6% to £232.5m.

Underlying profit before tax rose 15.6% to £2.85m.

Simon Caffyn, chief executive, said: "I am delighted to announce that the underlying profit before tax for last year increased by 15.6% and we now have significant financial flexibility to take advantage of opportunities to expand."