TrustFord is preparing for new store concept and aftersales openings after celebrating “stunning performance” to carry momentum from its COVID-19 comeback into Q3.
The Ford of Britain-owned AM100 car retail group’s chairman and chief executive, Stuart Foulds, today (October 8) said that he was “delighted” that the business could celebrate an outstanding result for the quarter after pre-tax profits rose by £5m year-on-year as it delivered 20,000 new vehicle sales between June and August.
News of the strong recovery following June’s re-opening of the group’s retail sites came as the group reported revenues down slightly at £1.71bn (2018: £1.74bn), pre-tax profit of £13m, net assets of £76m and cash availability (liquidity) of £700m in a set of annual financial results for the period to December 31, 2019.
TrustFord delivered 105,000 vehicle sales – representing a 50% share of the CV market and 22% combined car and CV share – throughout last year.
Now the business is poised to open new aftersales stores in Alperton, London, and Guernsey as well as a new Quick Lane fast-fit servicing operation in Gorton, Greater Manchester.
It will also open its first pop-up, SmartHub concept store, at junction 32 of the M62.
Commenting on the group’s comeback from COVID-19 lockdown, Foulds said: “We could see plenty of pent-up demand and increased vehicle reservations through our TrustFordNOW initiative during the lockdown, but we weren’t sure how long that momentum could last, so I was delighted that, thanks to the hard work and commitment across our teams, we were able to celebrate an outstanding result for the quarter.
“Every part of the business has been busier than ever – and it’s a tribute to everyone working in these extremely challenging times that we are able to satisfy strong customer demand whilst delivering a stunning performance.”
Despite the challenges of the current market, so far in 2020 TrustFord’s property portfolio has seen upgrades to its dealerships in Craigavon, Mallusk and Knockmore in Northern Ireland and the addition of a 120 Used commercial vehicle Super Centre in Barnsley.
This follows significant investment of £5m each last year in four new Ford Stores across the UK and its National Fleet infrastructure.
The Group now has 65-acres of storage, refurbishment and preparation facilities in the Midlands, Yorkshire and Essex and has capacity to hold 12,000 vehicles and the capability to distribute over 1,000 vehicles weekly across the UK.
Alongside a strong dealership presence in England, Northern Ireland and the Channel Islands, the group also now has representation nationally with 15 Parts Plus distribution locations including three hubs in Scotland (Glasgow, Aberdeen and Dundee) representing over 25% of Ford Parts distribution sales in the UK.
Referring to the group’s growth plans for the remainder of 2020, Foulds added: “We have a wide range of other services in place across the country and are continuing to invest in new projects.
“Work is now underway for new state-of-the-art Aftersales Stores in Alperton, London and Guernsey Channel Islands as well as a further brand-new Quick Lane store in Gorton, Greater Manchester, in addition to our new ‘all-makes’ servicing facilities in Prestwich and Colchester.
“I am also excited that we will also be opening the first of our first pop-up, SmartHub concept stores, at junction 32, M62 later in the month.
“We have many more initiatives in development for the remainder of 2020 flowing into 2021 to continue and maintain TrustFord’s position as one of the leading groups in the UK.”