Furrows Shrewsbury Jul 2018Furrows Shrewsbury Jul 2018

News

Furrows enjoys 38 per cent profit rise after being given more than £1.5m of furlough grants

  • Pre-tax profit at family business went up to £1.59m in 2020
  • Operating profit rose by 24 per cent to £2.41m
  • Turnover, however, went DOWN by 24 per cent to £84.21m as pandemic struck

Time 4 weeks ago

Dealership group Furrows saw its pre-tax profit rise by 38 per cent to £1.59m last year – helped by more than £1.5m in furlough support.

In accounts just filed for the year ended December 31, 2020, the company, which operates franchises for Ford, Kia, Mazda and Skoda at sites in Telford, Shrewsbury, pictured, and Oswestry, said turnover fell from £110.31m in 2019 to £84.21m last year – a drop of 24 per cent.

However, pre-tax profit went up from £1.15m to £1.59m. Meanwhile, operating profit increased from £1.94m to £2.41m – a rise of 24 per cent.


The accounts acknowledge £1,523,837 of government grants, and in the accompanying report, signed by director Nicholas Coward for the board, the company says most of the staff were furloughed during the first lockdown.

It added: ‘The financial performance in June to October 2020 was stronger than forecast and despite the reduction in activities in November as a result of the second lockdown in England, the group was able to achieve and exceed targets.’

Furrows also told of its pride at receiving a major accolade, saying: ‘We are very pleased to have recently been recognised by the British Chamber [sic] of Commerce as a “UK Business Hero 2020” to recognise that we “have gone the extra mile to support their local community during the coronavirus outbreak.”‘

Staffing levels within the family group – which goes back more than 100 years – went up from 316 to 335 during the year.


It said it was continuing its reinvestment strategy, ‘with profits generated in the year being retained in the business’.

Image: Google Street View

John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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