8:42 am, October 22, 2025
Dealer group DM Keith saw its profits slashed in half in 2024 as the firm invested in a number of major acquisitions.
The family-run retailer spent the year looking to grow its dealer network, with turnover rising as a result.
However, accounts recently filed via Companies House show that that pre-tax profit also fell by almost 52% to £2.55m.
In February of 2024, the group completed a deal to buy Colin Appleyard Limited – a move which added four Suzuki sites and two Subaru showrooms to the DM Keith stable.
Then, in July, the firm also bought TrustFord’s Bradford site in a move which strengthened its relationship with the Blue Oval.
Elsewhere, the Car Dealer Top 100 outfit expanded its partnership with BYD as the Chinese brand continued its mission to become the UK’s biggest car brand.
The new developments brought with them a significant rise in revenue, with turnover coming in at £394.08m, compared to £300.83m in 2023.
Included in that figure was a 30.2% rise turnover raised by new and used vehicle sales, which accounted for £365.35m of the group’s total revenue.
The increased dealer presence also meant that level of stock held at year-end rose by nearly 80% to £66.33m.
Reflecting on the year’s performance, boss Dougal Keith backed the acquisitions to make the group more profitable in the future.
He said: ‘The increase in turnover in the group was £93.24m, with new and used vehicle sales turnover increasing during the year by 30.2% and aftersales turnover growing by 42.3%.
‘On 13 February 2024, the group acquired 100% of the share capital of Colin Appleyard Limited, which represents the Suzuki franchise in four locations and Subaru in two locations.
‘This acquisition further increases our portfolio of manufacturer partners and spreads our risk. It is also expected that this acquisition will further increase the profitability of the group.
‘On 15 March 2024, the group acquired the freehold of a property on Canal Road, Bradford which was leased to TrustFord who operated the Ford franchise for the Bradford area from the premises.
‘On 1 July 2024 the group also acquired the trading assets and business of the TrustFord dealership in Bradford and became the brand’s franchisee for the area, thus completing our West Yorkshire Market area and further strengthening the group’s association with the Ford brand.’
The 62-year-old added that the rise in turnover seen throughout 2024 was a ‘direct consequence of the expansion of the group’.
Elsewhere, the accounts showed that DM Keith’s workforce ballooned to an average of 598 employees, compared to 448 in 2023.
At the same time, staffing costs swelled to £22.22m from £17.21m, with directors’ remunerations coming in at £36,706.
Throughout the year, ordinary dividends were paid amounting to £388,246 but the directors did not recommend any further payment.
Founded in 1946, DM Keith now has 15 locations across Yorkshire and Lincolnshire, representing Skoda, Seat, Honda, Cupra, Ford, Kia, BYD, Suzuki and Subaru.
