Group 1 Automotive’s UK division saw its pre-tax loss deepen in 2019 to £2.308m from £1.959m the year before.
But in its full accounts to December 31, 2019, which were filed with Companies House earlier this week, it also said that despite the lockdown and closure of most of its operations, its net cash balances rose from £2m at the end of last year to more than £14m as of June 30.
The furlough scheme helped save it money, plus it enjoyed strong cash inflows during the first quarter and from June 1.
It has also swung the axe on more than a fifth of the workforce, saying ‘the directors expect significant savings will be achieved from a lower permanent headcount, with overall ongoing headcount numbers across the UK group reducing by over 20% from 2019 levels.
‘Most of these permanent headcount reductions have now been implemented.’
Group 1 has allowed for a second national lockdown of two months later this year but said it reasonably expected its resources would allow it to continue as a going concern for at least 12 months.
The international automotive retailer group launched its UK operation in 2007. It comprises the Barons Group and Think Ford, and took over Spire Automotive in 2016 plus the Beadles Group in 2017.
Franchises also include Audi, BMW, Mini, Volkswagen Commercial, Seat, Skoda, Jaguar, Land Rover, Kia, Toyota, Mercedes-Benz and Smart.