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Accounts show giant Constellation Automotive Group lost £50.5m in 2024

  • Annual report lays bare the losses WeBuyAnyCar and Marshall owner stacked up
  • Accounts show correction in used car prices impacted the business
  • Huge interest costs wiped out profits and tipped the firm into a loss

Time 4:57 pm, November 29, 2024

New and used car sales giant Constellation made a loss of £50.5m in 2024, its latest accounts show.

In a detailed annual report, Constellation Automotive Holdings Limited – the ultimate parent company of the complicated motor trade behemoth behind Marshall Motor Group, BCA and WeBuyAnyCar.com – show it generated revenues of £9.3bn.

It said it was negatively impacted by the ‘sharp correction’ in used car prices in the final quarter of 2023 and higher interest rates. 


An adjusted EBITDA profit figure shows the group ‘made’ £327.8m, but once punishing interest charges of £217.6m are deducted and losses from ‘continuing operations’ are factored in, the multi million pound loss stacks up.

The firm said it paid a staggering £161.3m interest in 2024 – up from £131m the year before. The accounts cover the financial year up to March 31, 2024.

Constellation explained it did cash in a £22.6m profit on its stake in the previously listed Lookers, which was sold during the year. And it confirmed it still holds a 9.3% stake in Vertu, the listed car dealership group.


Constellation says it is concerned about growth in the new car market and pointed towards ‘volatility’ as electric car demand has ‘stalled’.

The firm said: ‘The group’s business model is reliant on volume and has demonstrable ability to deliver strong financial results when activity and pricing is stable. 

‘The group remains the market leader and the scalable nature of the business model performs well with rising volumes. 

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‘With interest rates expected to be higher for longer, we continue to focus on cost control and effective cash management.’

The firm said it had ‘significantly enhanced available liquidity’ of £582.8m.

Constellation also owns Cinch Cars, the online used car dealer, but its results are not included in these group numbers.

The annual report says its investment in Cinch had been distributed to another arm of Constellation’s myriad of holding companies and as such these accounts show no revenue or loss for the firm. In 2023, Cinch lost £109.5m.

Constellation Automotive Group is ultimately owned by TDR Capital, the private equity firm behind Asda and EG Group.

Constellation said its buying division saw revenues fall in 2024 as it bought 13,000 less cars. It still snapped up an incredible 478,000 used cars during the year, though.


Marshall Motor Group’s accounts showed its profit plummeted during the same period, down to £16.4m compared to £42.9m the year before. The dealer group sold 59,000 new cars and 75,000 used.

James Baggott's avatar

James is the founder and editor-in-chief of Car Dealer Magazine, and CEO of parent company Baize Group. James has been a motoring journalist for more than 20 years writing about cars and the car industry.



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