Profits fall for car dealerships group with a site in Wolverhampton
A car dealership group with a site in Wolverhampton saw pre-tax profits fall in 2023 despite a rise in sales.
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Turnover for Holdcroft Motor Group accelerated to more than £750 million at the family-owned business.
The group was founded in 1966 when Terry Holdcroft opened the first business in Hanley, Stoke-on-Trent.
It is now one of the largest motor vehicle retailing groups in the UK, operating Hyundai, Honda, Renault, Nissan, Dacia, Mazda, Mitsubishi, Volvo and Isuzu dealerships.
The Wolverhampton Renault and Dacia dealership is in Bilston Road.
Accounts filed under TG Holdcroft (Holdings) show turnover jumped from £659.9m to £750.2m. Pre-tax profits were down from £10.2 million in 2022 to £8m.
The board said: "The board of directors are proud to present its results for the 2023 year. It has been a challenging year within the retail motor sector with some outside factors making huge impacts to the overall profitability of our organisation.
"Multiple increases in interest rates through 2023 meant an additional 1.25 per cent of financing costs on both our short and medium-term borrowings, as well as our day-to-day inventory stocking facilities provided by our manufacturer partners."
