Holdcroft Group has reported a £100 million increase in turnover during 2021 after growing its portfolio with new Alpine, Dacia, MG and Renault car dealerships.
The Stoke-based AM100 car retail group added three MG dealerships, doubled its representation of Dacia and Renault to four franchised sites and added Alpine to its list of brands during what it described as a "turbulent" financial year to December 31, 2021.
Efforts to grow the business (previously branded TG Holdcroft) in a year still impacted by COVID-19 dealership closures in Q1 were rewarded with a 37% increase in turnover to £476.9 million (2020: £347.3m) as pre-tax profit more than doubled, rising from £5.1m to £10.8m.
A results statement published via Companies House this week stated: “The board of directors are extremely pleased with the results for 2021.
“"It has, however, proven to be another turbulent year with Covid-19 still having an adverse effect on our working practices.”
In 2020 Holdcroft completed its new headquarters and reported a 20.3% increase in pre-tax profits despite the COVID-19 pandemic's impact on car sales.
Holdcroft said that it had benefitted from Government’s business rates relief and furlough during the trading period, albeit at a “low level”.
Its car sales volumes grew by 25.1%, but remained 8.7% down on pre-COVID 2019, it said.
In a statement outlining the outlook for the business, Holdcoft’s board acknowledged that it was trading in an uncertain time for the car retail sector.
It said: “Ultimately, levels of business activity and profitability will be dependent on factors such as consumer confidence, product cycles and the high levels of inflation we’re experiencing surrounding energy, payroll and associated taxes.”
The ststament added: “With these risks and uncertainties in mind we are aware that any plans for the future development of the group may be subject to unforeseen events out of our control.”