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Benfield Motors turned in a strong performance in 2013 with pre tax profits more than doubling to £7.4m on turnover up 15% to £622.4m.
The group out performed the UK new passenger car market, which grew by 10.8% in 2013 and within this growth the private sector grew by 15.6% and fleet and business registrations by 6.7%.
“The board is pleased that its customer focused approach to these different segments results in the group achieving 22.6% grow in private consumer registrations and 26.3% in fleet and business registrations, both ahead of the market,” said director John Squires in his review of the business.
In 2013 the company continued to expand, constructing a Ford car and CV business in Sunderland, which opened for business in January 2014.
It also opened an Audi dealership in Newcastle Upon Tyne in June this year and expects the construction of a new Audi dealership in Sunderland to begin shortly and open for business in 2015.
In November 2014 the group entered into a £27m facility agreement with its banks, comprising a £3m overdraft, £500,000 ancillary facilities and a five-year £23.5m revolving credit facility to fund the group’s long term capital needs.
As a result of this the group had net current assets of £16.5m on 31 December 2013 compared to net current liabilities of £533,000 in 2012.
During 2013, the group made a charitable donation of £260,000 to the Benfield Motors Charitable Trust.