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Peter Vardy sees profits rise by close to 50 per cent as dealer group comes out on top in battle against pandemic

  • Peter Vardy posts improved pre-tax profit of £9.3m in 2020
  • Scottish dealer group claimed £3.43m in furlough cash through the year
  • Turnover fell by 6.5 per cent as a result of the pandemic

Time 3 weeks ago

Peter Vardy enjoyed a highly successful 2020 with pre-tax profits rising by almost 50 per cent, the dealer group’s annual accounts have shown.

The Motherwell-based firm made an impressive £9.3m before tax last year – a rise of 47.6 per cent on the pre-pandemic 2019.

The group managed to achieve the feat despite experiencing a fall in turnover, largely as a result of the pandemic forcing dealerships to close.

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Overall, Peter Vardy had a turnover of £440.57m which was a 6.5 per cent fall on the previous year’s result of £471.15.

The firm’s accounts, published with Companies House, show that the profit was largely made possible by claiming £3.43m in furlough cash via the government’s job retention scheme.

The much-needed injection of funds allowed the dealer group to keep its head above water and return an EBITDA figure of £14.26m.

Throughout 2020, the group operated six volume and six prestige dealerships, two used car supermarket operations and a heritage cars dealership throughout Scotland.



It has franchised businesses representing BMW, Mini, Jaguar Land Rover, Porsche, and Vauxhall.

In the 12 months up until December 31, 2020, the firm spent £226,000 on directors emoluments, up from just £54,000 in 2019.

Chief executive Peter Vardy said: ‘2020 will be remembered as a terribly difficult period for society which profoundly influenced our colleagues, guests and communities in which we serve.

‘During this challenging period, we focused on the physical, mental, and financial well-being of our colleagues and their families; protecting employment – implementing a Covid related ‘zero’ redundancy policy; ensuring we were always open for key workers and investing in industry leading guest safety and giving back to the communities we serve.’

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He added: ‘As we now emerge from the restrictions imposed by the pandemic, we are prioritising growing the business, creating new employment opportunities and continue to develop our Net Better Off Programme for our colleagues.’

Ten per cent of the group’s annual profits went to the Peter Vardy Foundation.

The charity supports children and young people across Scotland and the world.

How did other dealer groups got on in 2020?

Jack Williams's avatar

Jack joined the Car Dealer team in 2021 as a staff writer. He previously worked as a national newspaper journalist for BNPS Press Agency. He has provided news and motoring stories for a number of national publications including The Sun, The Times and The Daily Mirror.

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