9:33 am, October 1, 2025
Family-run car dealer group Harwoods suffered a punishing £8.5m loss before tax last year, its annual report reveals.
The dealer group, which has recently axed JLR dealerships and other outlets from its portfolio, also saw turnover fall to £577m from £627m in 2023.
The firm announced the sale of a large part of its portfolio – including five Jaguar Land Rover sites – to Dubai-based DXB Investments three weeks ago for an undisclosed fee.
Harwoods also terminated its relationship with Ineos in March of this year and now only represents Audi, Aston Martin and Bentley.
In the last two years the firm has lost a combined £20.3m before tax, according to accounts for WJH Holdings Ltd, the parent company of Harwoods.
The firm said it saw a ‘decline’ in new car sales during 2024 which was ‘driven by consumer demand patterns’.
‘In contrast, used vehicle sales demonstrated a strong performance, consistent with broader growth trends in the UK used car market,’ said the firm.
Staff numbers fell to 1,069 in 2024 while net assets dropped to £62.9m from £70.8m the year before.
Some £481m of revenue was generated from the sale of vehicles while £95m was made from aftersales and fuel.
The highest paid director received £473,000 and no dividends were declared.
Writing in the annual accounts, chairman and shareholder Guy Harwood said: ‘While high interest rates continue to apply pressure to the group’s financial performance, relationships with its funding partners remain strong.
‘The group’s banking partner continues to be supportive, with loan covenants renegotiated at the end of 2024 and met consistently in 2025 to date.
‘Despite ongoing cost pressures, the board remains committed to long-term investment in the business. The group continues to invest in its bespoke digital platform, with a current emphasis on platform maintenance over expansion.’
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