8:48 am, September 29, 2022
Pre-tax profit for dealer group Glyn Hopkin rocketed by a whopping 700 per cent in 2021, latest accounts show.
The firm, which operates 13 franchises from over 50 sites and is ranked 58th with a EBITDA of £4.07m in our Car Dealer Top 100, finished 2021 with a pre-tax profit of £12m – up £10.5m or 700 per cent on 2020’s accounts.
Turnover jumped from £368m to £452m – a near 23 per cent increase – while operating profit stood at £12.9m, up from £2.75m the year before.
The business said it didn’t take any government coronavirus furlough support in 2021.
Dividends for shareholders equated to £8.4m.
During the year, Glyn Hopkin agreed to sell off its Nissan and Suzuki dual-site in Watford and the deal is expected to be completed in January 2023 – at the same time as the business celebrates its 30th anniversary.
Thanks to strong sales through its Nissan, Kia and MG franchises, Glyn Hopkin said it’s intending on adding more dealerships under these brands and ‘prospective acquisitions’ have been ‘identified in order to achieve this’.
The business also confirmed that it’s set to keep all of its Stellantis franchises following the carmaker’s termination of UK dealerships in May 2021.
Due to its Stellantis partnership, Glyn Hopkin also said the Vauxhall franchise is now available and it’s ‘considering’ adding the brand to its representation.
However, Glyn Hopkin seems set on redrawing its Honda franchise and is evaluating ‘alternative uses’ for its dual-franchise Honda and Mitsubishi Colchester showroom, although it did say aftersales for both brands is still on the table.
Established in 1993, Glyn Hopkin has showrooms across London, Essex, Hertfordshire, London, Suffolk, Buckinghamshire, Bedfordshire and Cambridgeshire, and currently has Abarth, Alfa Romeo, Alpine, Dacia, Fiat, Honda, Jeep, MG, Nissan, Renault, Suzuki and Kia brands in its portfolio.
