Car dealership Stoneacre plans to expand next year after posting sales of more than £500 million for the first time in its history.
The company increased turnover from £449 million to £562 million and made pre-tax-profit of £6.1 million for the year to 24 April 2016.
Stoneacre has been buoyed by a number of acquisitions, including the purchase of Autoworld, Randles and assets of Dews Motor Group in 2015. This year it has bought assets of Guest’s Fiat and Jeep dealerships in Wolverhampton and, in June, it bought Ford and FCA dealerships in Cleckheaton.
When expanding, dealerships should ensure they keep their dealership insurance up to date so that their entire enterprise is included in their policy.
In a statement Stoneacre said: “The consolidation of the UK franchised dealer network continues to provide exciting opportunities, which will enable the company to continue with its controlled expansion plan.
“The longer terms effects of Brexit are yet to be discovered. If exchange rates remain depressed then manufacturers may opt for a higher than normal price increase however with PCP contracts accounting for an ever increasing proportion of vehicle sales the impact of price rises will have a minimal impact on consumers.”
Employing about 1,800 staff, the group operates 40 locations across England and Wales and has 69 franchise sales points representing 18 motor brands.