7:59 am, November 8, 2022
Luxury car dealer group HR Owen clocked up pre-tax profits of £15.6m in the last year according to its latest financial report.
In accounts just submitted to Companies House, the group said it increased revenues to £536m (2021: £448m) in 2022.
Profit for the year, before tax, was up from £13.6m in 2021.
HR Owen also revealed it has recently signed exclusive partnerships with car brands Czinger and the Jenson Button-backed Radford.
And said, in the summer of this year, it bought the Ferrari and Maserati aftersales business of Joe Macari Servicing Limited based in Wandsworth, London.
In its annual report, HR Owen directors said they believed the group had delivered an ‘exceptional’ set of results in a ‘challenging year’.
HR Owen operates 17 dealerships and 16 aftersales sites in Berkshire, Cheltenham, Hatfield, London, Stockpot and Surrey.
It is one of the world’s largest dealers in Rolls-Royce, Bentley, Ferrari, Aston Martin, Maserati, Lamborghini and Bugatti models.
It also has a majority stake in an insurance broker.
The group sold 1,244 new cars (up eight per cent) and 1,892 used cars (up 17 per cent) in 2022.
Aftersales revenue accounted for £59.2m.
Pay for its key management team increased from £2.1m in 2021 to £2.7m in 2022. While directors’ remuneration for the year totalled £1.9m, with the highest paid director taking home £1.4m for the year.
In its annual report, the group said: ‘The past year has been challenging, but despite this the group delivered an exceptional result.
‘We aim to grow our aftersales operation along with pre-owned vehicle sales to help mitigate any potential future decline in the new vehicle market.
‘As we embark on the next phase of the group’s journey, our principle objectives are to keep our customers at the heart of everything we do.
‘We strive to have the right brands in the best locations, with brilliant talent to deliver an exceptional customer experience.’
HR Owen’s Ferrari showroom in Mayfair was sprayed with paint by Just Stop Oil protesters in October
HR Owen also said it expects its new head office and dealerships in Hatfield to be ‘fully operational’ by the first quarter of 2023.
‘The new site will have the capacity for five vehicle showrooms, two large aftersales facilities, a multi-storey car park and corporate headquarters,’ said the dealer group.
HR Owen was recently the target of climate change protestors who targeted their London showrooms.
Two activists spray painted their Ferrari and Bentley showrooms in Mayfair at the end of October.
