8:24 am, August 12, 2025
Williams Motor Group has seen its profits fall for the second year in a row with the retailer becoming the latest firm to feel the impact of strong economic headwinds throughout 2024.
Accounts recently published via Companies House show that Williams Motor Co. (Holdings) Limited made a pre-tax profit of £10.0m in the 12 months to the end of December 2024.
The figure represents a decline of 25.9% on 2023’s £13.5m, which was itself 15.6% down on the group’s record-breaking result in 2022, when it made a whopping £16m.
The firm’s EBITDA – the measure by which the Car Dealer Top 100 is ranked – also reduced by 16.4% to £15.3m.
Despite the negative trend, directors say they are ‘pleased’ with the company’s ‘strong trading performance during 2024’, pointing to ‘the headwinds of wage growth pressures and stubbornly high interest rates’ as key factors for the slide.
There was still plenty of reasons to be cheerful for the dealer group, with turnover for 2024 increasing 6.1% to £577.2m, compared to £543.9m in 2023.
The accounts also showed a marginal increase in new car volumes for the BMW specialists, despite declining margins throughout the year.
Meanwhile, new vehicle retail turnover increased 1.8% to £200m, compared to £196.6m in 2023.
When it came to used cars, volumes grew 8.1% during the year, with gross profit increasing by 2.5%. However, used vehicle turnover did reduce 2.2% to £256.3m.
The year also saw the group set up a new Select Retail used car facility on land adjacent to its established Rochdale Centre, having bought the land and buildings in December 2023.
Overall, net debt rose by £7.3m £38m, as a result of increased investment in used vehicle stocks.
Reflecting on the year, director Guy Adams wrote in the accounts: ‘The directors are pleased to report the company’s strong trading performance during 2024, despite the headwinds of wage growth pressures and stubbornly high interest rates.
‘Overall, our-new car volumes marginally increased during 2024, whilst margins for all brands declined throughout the year as vehicle inventories increased, resulting in reduced margins compared to last year as supply exceeded demand.
‘New vehicle retail turnover increased 1.8% to £200.0m (2023: £196.6m), whilst new corporate turnover increased 27.9% to £62.0m (2023: £48.5m).
‘Used car volumes grew 8.1% during the year, whilst used vehicle gross profit increased marginally by 2.5%. Used vehicle turnover reduced 2.2% to £256.3m (2023: £262.0m).
‘In December 2023, the company purchased land and buildings adjacent to the established Rochdale centre, which has been refurbished to provide additional workshop capacity and accommodate a Select retail used car facility, which became operational during September 2024.’
He added: The company increased net debt by £7.3m in the year to £38.0m (2023: £30.7m) due to increased investment in used vehicle stocks, in advance of our January used car sales event.
‘The company’s financial position remains strong with shareholder funds of £88.2m as at 31 December 2024 (2023: £82.7m).’
Concerns remain for 2025
Throughout 2024, Williams saw staff costs rise by around £3m to £36.56m with the workforce growing to an average of 829 employees.
However, directors’ remunerations fell from £1.1m to £941,000, with the highest paid employee receiving a much-reduced £684,000.
Looking forward, bosses say the inflationary pressures of 2024 have shown signs of abating but new headwinds could soon come into play.
Next year’s results could also be impacted by Mini’s recent switch to an agency sales model, which directors say could lead to improved margins.
‘The Mini vehicle agency model came into force on 1 March 2025, and although very much in its infancy, with volumes comparatively lower than we would like, the margin seems to be slightly ahead of that achieved under the previous wholesale model,’ Adams said.
‘There are some signs that inflationary pressures are abating, alongside successful sales events, which have resulted in an improved performance when compared to both plan and previous year.
‘However, quarter two is presenting signs of a tougher market, coupled with increased labour costs through National Insurance and National Minimum wage, this raises concerns for the second half of 2025.
Williams, which was established in 1909 as a family-run firm, has dealerships in Bolton, Liverpool, Manchester, Rochdale and Stockport, representing BMW, Mini, Jaguar and Land Rover, as well as a BMW Motorrad site and approved used car centres.
