11:29 am, September 30, 2022
Pre-tax profit for Cotswold Motor Group has rise by nearly £2m, the company’s latest accounts show.
Posted on Companies House, accounts for the year ended December 31, 2021 show that the firm – which operates BMW, Mini and BMW Motorrad franchises – delivered a £5.48m pre-tax profit, up from £3.54m the year before.
Turnover was up by over £28m from £151.2m to £179.2m while operating profit jumped from £4.71m to £6.6m.
During the year, Cotswold Motor Group – which was ranked 42nd in our Car Dealer Top 100 list with an EBITDA of £5.69m – took £271,089 in furlough cash from the government, which was down significantly on the £1.49m it took in 2020.
Dividends were paid in both 2020 and 2021 and amounted to £1.76m and £1.91m respectively.
New car profits grew by eight per cent while used car profits leapt by 30 per cent on the back of 10 per cent unit growth.
The business also secured the freehold for its Tewkesbury bodyshop.
Directors said: ‘The shortage of new car product and increasing used car prices has continued into 2022 and shows little sign of change.
‘The business continues to be fully supported by its franchise partners and funders and the management board remain confident about the long-term sustainability of the business.’
Cotswold, founded in 1995, consists of BMW and Mini showrooms in Hereford and Cheltenham, and a BMW Motorrad site in Cheltenham.
