12:03 pm, October 4, 2024
Pre-tax losses at used car dealership Available Car deepened in 2023 according to its latest set of accounts.
The newly published report on Companies House reveals that pre-tax losses hit £10.8m in the year ending December 31, 2023.
It has now said it is reviewing its whole operation as it looks to drive the company towards the best long-term outcome.
Turnover at the dealer group – which now has showrooms in Castle Donington and Sutton in Ashfield – stayed steady at £334m compared to £336m in the previous 12 months.
During the year, it sold its Leeds and Cannock sites to Big Motoring World and used the proceeds of the sale to pay off some of its loans.
Before they were sold, these sites made a pre-tax loss of £4.26m, down from £5.21m in 2022, but the sale of the business and its assets generated cash proceeds of £26.1m.
Available Car explained that it had faced another challenging period due to used car supply, increasing prices as well as a generally difficult economy. Its borrowing costs also rose to £4.35m, up again from £1.67m in 2022.
In total, the company sold 19,017 retail units over the year and averaged 3,315 vehicles in stock.
In the report, directors write: ‘2023 followed on from the previous year as another challenging year for the company.
‘The ongoing challenges around used car supply, rising prices and difficult economic conditions resulted in a trading loss.
‘As a result, the company has since decided to review its whole operation in order to generate the best long-term outcome for shareholders and stakeholders.’
