8:37 am, October 1, 2025
Single used car supermarket Cargiant chalked up a whopping £121.2m pre-tax profit for 2024 thanks to a revaluation of land it owns.
The car dealership – based in West London – owns a site near major transportation hubs and saw its portfolio jump in value by £98.8m in 2024.
The property valuation change pushed up pre-tax profits for the used car dealer from a pre-tax loss in 2023 of £22.4m to a £121.2m profit last year.
Turnover for the group dropped to £352.5m from £491.2m.
Some £335.2m was generated by the car dealership operation with rental income bringing in £17.3m. Interest payments returned the business more than £848,000.
Stripping out the property revaluation the company said its underlying profit before tax showed it made £22.4m in 2024, down from £28.2m.
It sold 25,900 used cars during the year – equating to a profit per unit of around £864. The number of cars it sold last year also fell by nearly 8,000 units.
Staff numbers for the dealer dropped from 511 down to 483 in 2024.
In its annual report, just uploaded to Companies House, the firm said: ‘The company operates as a motor vehicle dealer enhanced by the provision of finance and accessory sales. The company also operated a property rental business and undertook property trading and development activities.
‘During the year the company implemented corporate restructuring where it separated its business activities into distinct entities, by transferring its property rental business and property trading and development activities to Every Space Limited and transferred its business premises to a new holding company NW London Commercial Limited.’
Following this ‘restructuring’ the dealer’s net assets fell to £16.1m from £425m the year before.
The highest paid director earned around £255,000 and the company decided not to pay a dividend for the year.
The accounts also show the business managed to do away with a stocking loan of £14.9m it used in 2023 and instead now uses a £9.3m loan from a ‘related party’.
The report also reveals that during the year more than £2m finance commission was ‘clawed back’ by companies.
Cargiant is one of the most successful used car dealers in the UK and regularly places in the Car Dealer Top 100 list of most profitable dealer groups.
Picture: Google Maps
