9:06 am, May 19, 2026
Dealer group Hedin Automotive has announced another year of heavy losses with bosses pointing the finger of blame at rising costs and low economic growth.
Accounts recently published via Companies House show that the business – a subsidiary of the Swedish motor retail giant Hedin Mobility Group – made a pre-tax loss of £7.38m in the 12 months to the end of December 2024.
While the result does mark a small improvement on the previous year’s £7.56m loss, Hedin remains a significant way off achieving profitability.
That is despite turnover almost doubling from £211.55m to £412.84m and net assets sky-rocketing from £4.7m to £12.2m – although this is in part down to a shortened nine-month accounting year in 2023.
Reacting to the losses, directors say that performance was impacted by the UK entering recession in the second half of 2023 resulting in a period of low growth in 2024.
They also pointed to the high cost of funds and an international product recall as major contributing factors.
The period covered by the accounts was the first full year of trading after Hedin Automotive snapped up four dealerships from Mercedes-Benz Retail Group in April 2023, including the halo Brooklands site at Mercedes-Benz World, which Hedin now uses as its registered office.
In late 2023, Hedin further expanded its UK footprint by purchasing BMW and Mini dealer group Stephen James.
Bosses say that much of 2024 was spent integrating the new businesses and backed the firm to perform more strongly in 2025.
Reflecting on the year as a whole, chief executive Anders Hedin said: ‘The Group acquired the trade and assets of four Mercedes Benz businesses on 1 April 2023 from Mercedes-Benz Retail Group UK Limited.
‘On 25 August 2023 the Group purchased the entire share capital of Stephen James Alliance Limited, the holding company for a BMW retailer group.
‘In 2024 management focused on the group achieving economies of scale through the consolidation of these two businesses.
The group’s strategy is to build premium brand automotive retail business that focuses on strong employee retention delivering high levels of customer service.’
He added: ‘The first full trading period of the group was loss making due to the UK entering recession in the second half of 2023 resulting in a period of low growth in 2024; the impact of a worldwide product recall in HY2 2024; high cost of funds; one-off cost out reductions which will improve the group position moving forward; significant disruption and costs due to the redevelopment of one of our retail premises.
‘As we enter 2025 the group is very positive around more stable tracing conditions, with additional income anticipated from aftersales and lower interest rates.
‘In the initial 2025 trading period, the group reports stronger sales volumes in all areas and is benefitting from completed cost measures taken in 2024.’
The acquisition deals saw Hedin’s workforce swell significantly throughout the year, with staff numbers going from an average of 564 to 781. Staffing costs also rose from £22.44m to £40.48m.
No ordinary dividends were paid and the directors did not recommend payment of a further dividend.
