7:19 am, October 1, 2026
Used car supermarket Cargiant fell to a £4.1m pre tax loss in its last financial year before directors decided to call time on the once hugely profitable business.
Directors said a downturn in business amidst ‘challenging trading conditions’ led them to take the decision to shut the London-based business.
Cargiant was once the most profitable independent used car dealer in the UK and had topped its sector in the Car Dealer Top 100 list – but it closed for good in April.
Car Dealer broke the news that the firm was considering closing in March with an exclusive story the firm had entered redundancy consultations with its staff. An orderly wind-down soon followed.
Now, accounts just filed for the car supermarket show that after a recording a pre-tax profit in 2024 of £121.2m, the firm plummeted to a pre-tax loss of £4.1m in 2025.
Used car sales fell by nearly a third in 2025 from 25,900 units in 2024 to just 17,420 in 2025.
Directors said the company’s ‘property, staffing and operational cost base’ had been built to support much higher numbers, meaning the reduced sales had a big impact on profitability.
Its operating margin fell from 6.5% in 2024 to minus 1.8% last year.
Cargiant’s overall profitability had swung dramatically from year to year, with its 2024 result boosted by a £98.8m revaluation gain connected to its extensive property holdings.
The firm operated from a sprawling, near-50 acre site at Park Royal/Old Oak Common in West London, directly beside the planned HS2 interchange connecting HS2, the Elizabeth Line and other rail services.
Its property interests were restructured in November 2024, with Cargiant’s business premises transferred to parent company NW London Commercial Limited.
The £98.8m booked in Cargiant’s 2024 accounts was a revaluation surplus. The wider restructuring also saw £525m of property-related assets distributed to the parent company.
The latest accounts show the property remains within the wider group, with freehold land and buildings valued at £204.3m at the end of 2025 following a further £79.3m revaluation during the year.
Shut down
In accounts for both businesses, the directors explained the retail car sales business was deemed to be not ‘commercially viable’ earlier this year.
In the Cargiant accounts, directors said: ‘While the company was fully operational and viable at the balance sheet date, following the year end trading conditions remained challenging.
‘The company continued to review whether a viable and sustainable operating model could be achieved through a reduced operating footprint, revised staffing structure, changes to buying strategy and operational efficiencies.’
Directors in the NW London Commercial accounts added: ‘Following detailed review and consultation with employees and their representatives, the directors concluded in April 2026 that it was not possible to identify a commercially sustainable future model for the retail business.
‘Accordingly, Car Giant Limited ceased retail trading on 24 April 2026 and commenced an orderly managed wind-down of its operations.
‘Remaining retail stock is being sold as part of that managed wind-down, and after-sales and customer support arrangements are being maintained for an appropriate period to ensure that existing customer commitments are addressed.’
The accounts also revealed the scale of the job losses associated with the closure. Cargiant employed an average of 333 people during 2025, down from 483 a year earlier.
Directors said the subsequent redundancy programme is expected to cost £4.05m, with £3.53m of that already paid by the time the accounts were signed off at the end of September.
Cargiant turned over £223.8m in 2025, down from £352.5m in 2025.
At the time of the closure, as spokesperson for Cargiant told Car Dealer: ‘Cargiant has been a major part of the UK motor industry for more than 50 years, pioneering the used car supermarket model and growing to become the UK’s largest independent car dealership.
‘Over that time, we have sold more than one million vehicles and supported thousands of people in building careers in the motor industry and beyond.
‘We are immensely proud of what has been achieved over that period, and we would like to express our sincere thanks to all our staff, past and present, as well as our customers, partners, and suppliers, for their loyalty and support over many years.’
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