11:35 am, March 21, 2023
Luxury car dealer group HR Owen has released a special video to showcase the ‘most ambitious site in its 90-year history’.
The London-based outfit has almost completed work on the multi-million-pound facility that will represent the likes of Bentley, Lamborghini, Maserati and Ferrari.
According to a LinkedIn post by the group, the site will include five showrooms across a 110,000 sq/ft plot in Hatfield.
The finishing touches are now being applied to the project, which will also include the firm’s head offices, aftersales facilities and a multi-storey car park.
In its most recent set of accounts, published last November, bosses said they expected the area to be ‘fully operational’ by the first quarter of 2023.
Company secretary Denise Grimpton wrote: ‘The freehold site at Hatfield, acquired in December 2020, is nearing completion and is expected to be fully operational in the first quarter of 2023.
‘The new site will have capacity for five vehicle showrooms, two large aftersales facilities, a multi-storey car park and a corporate headquarters.’
The company hasn’t said how much it’s invested in the development but it did confirm that the project had contributed to rising finance costs in 2022.
Grimpton added: ‘Finance costs were £0.6m higher at £3.3m than prior as a result of higher vehicle inventory, higher interest rates and the additional drawdown of the term loan associated with the Hatfield development.’
