8:19 am, August 22, 2022
Dealer group Furrows saw its profits soar by more than 500 per cent to just under £10m in 2021, new accounts have shown.
Documents published via Companies House showed that the group’s holding company – Furrows Holdings – enjoyed a stellar year in the 12 months to December 31, 2021.
The firm enjoyed a bumper turnover of £92.8m compared with £84.2m in 2021, with the Shropshire-based outfit benefiting from the unprecedented rise in used car prices throughout the year.
The increased revenue allowed the firm to make more money than ever, with the accounts showing a pre-tax profit of £9.95m.
That figure represents a rise of 525 per cent compared to 2020, when the group’s pre-tax profit came in at just under £1.6m.
Bosses were delighted with the result, especially given the tough conditions brought on by national lockdowns at the start of last year.
However, as the months rolled on, the pandemic began to have less of an effect on business and as a result the group was able to significantly reduce the amount it claimed from the furlough scheme.
In 2021, Furrows received £342,355 via government grants as opposed to the £1.5m it was handed during 2020.
Overall, the group paid out £7.21m in wages and salaries in the period covered by the accounts – a slight dip on the £7.28m paid out in the previous financial year.
In a statement included in the accounts, company director Nicholas Coward said the year had been ‘defined by supply chain issues and increasing used vehicle prices’.
He added: ‘Diversification within the group and the motor dealership trade itself, combined with the significant contributions of a great number of people throughout the business and strong partnerships, enabled an exceptional performance for the year.
‘The group continues its strategy of reinvestment, with profits generated in the year being retained by the business.’
Furrows, which has been operating for more than a century, continues to run dealerships in Shrewsbury, Oswestry and Telford, representing the likes of Ford, Mazda, Kia and Skoda.
Bosses hailed the latest results as ‘exceptional’ and are predicting another strong year in 2022.
