8:45 am, September 10, 2025
Used car supermarket group 12 Sports and Classics saw its profits cut in half during a ‘difficult’ 2024, which saw the firm close four retail sites.
That is according to new accounts, recently published via Companies House, which show that the Leicestershire-based outfit made a pre-tax profit of £256,959 in the year ending December 31, 2024.
The figure represents a 54.4% decline when compared to the £563,997 that the firm pocketed in 2023, with bosses admitting that tough trading conditions had made their mark.
EBITDA – the measure by which the Car Dealer Top 100 is ranked – also dipped slightly to £3.1m but turnover was up, as the company generated £235.19m in revenue.
Earlier this year, V12 boss Farhad Tailor appeared at Car Dealer Live, where he discussed the impact of rising costs on his business.
The recent accounts lay bare just how tough the crosswinds have been, with the firm closing four sites – Witham, Luton, Nelson, and Newcastle – throughout the year.
Reflecting on the year in the accounts, boss Tailor said: ‘In 2024, the used car market encountered significant difficulties with vehicle price realignments particularly in the first half of the year and economic challenges weighed heavily.
‘The UK’s general election, global geopolitical tensions, and inflation affected consumer confidence, resulting in lower retail volumes and margins.
‘V12’s distinctive business model enabled a rapid adaptation to these conditions, emphasising operational efficiency, robust cost management, and outstanding customer service.
‘During the first half year, the company closed four retail sites – Witham, Luton, Nelson, and Newcastle – to focus on core operations.
‘This move improved performance by July 2024, yielding a positive EBITDA for the full year totalling £3.1m and setting the stage for stronger results in 2025.’
Founded in 2005, V12 Sports and Classics began as a modest home-based venture, with Tailor selling cars from the driveway of his home.
The firm has now grown into a large used-car supermarket, shifting hundreds of cars every week.
Last year the outfit employed an average of 217 people, with staffing costs coming in at a total of £9.35m.
Elsewhere, the company’s net assets decreased by £0.47m to £4.48m. but cash balances at the year-end did increase from £2.86m to £3.66m.
