Acquisitive motor retailer boosts profits | Business Doncaster
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20
Dec

Acquisitive motor retailer boosts profits

A family-owned motor retailer with showrooms across the UK has gone from strength to strength, boosting profits and turnover in its most recent set of accounts.

Stoneacre Motor Group has increased turnover to £721m in the year to 30 April 2017, up from £561m in 2015/16, a jump of 28 per cent.

The business also improved pre-tax profit in the period to £7.9m, up from £6.1m.

Stoneacre Motor Group operates from 43 locations across England and Wales and has 74 franchise sales points representing 19 different manufacturers. The Doncaster-based operation was started by mechanic-turned-entrepreneur Richard Teatum in 1994.

The business' aftersales division achieved 7.41 per cent growth selling 407,000 labour hours and the group currently has 28,301 customer service plans with a target of 50,000 by the end of the 2018 financial year.

Over the course of the year, the business made a series of acquisitions including the assets of Cleckheaton Holdings Ltd in June 2016, which added more Ford, Fiat and Jeep franchises to the group's portfolio and Guest's Wolverhampton Fiat and Jeep a month later.

In January 2017 the business acquired a former Lookers site in Sheffield and commenced operations as a Used and Prestige outlet before adding the Honda franchise in June 2017 and at the end of February it acquired the business of Bristol Street Peugeot Chesterfield.

Since the end of the financial year, the business has also purchased the business and assets of the Gilder Group, adding further outlets in Rotherham and Chesterfield.

The business' strategic report said: "The continued consolidation of the UK franchised dealer network is providing ample opportunity for growth.

"The board of directors are currently considering several business opportunities with both existing and new manufacturer partners, which will ensure the continued expansion and success of the group."