Peter Vardy Holdings went into the crimson in 2023 with mixed losses of -£10.8m on turnover of £551.3m in sharp distinction to the £6.1m pre-tax income and £590.5m turnover generated within the prior yr.
The mixed losses embrace a lack of £8.1m for the Perter Vardy Group of firms and a revenue of £2.7m from its Automotive Cash dealer enterprise.
In accounts filed at Firms Home, it mentioned 2023 was essentially the most vital for the group when it comes to the “strategic transformation” because it targeted on luxurious manufacturers, bought off used automobile supermarkets and expanded its motor finance dealer enterprise and versatile leasing operation.
It mentioned the closure of supermarkets was as a result of a shrinking used automobile parc for sub-five-year-old automobiles and the transfer was in keeping with business tendencies.
It mentioned Automotive Cash was the “Standout performer” for the group with a report £208m brokered.
“This yr we piloted a start-up operation in Australia to discover the viability of scaling abroad.
“The outcomes had been promising, and we now have a transparent franchise mannequin in place with plans to launch in 10 worldwide markets inside 5 years by way of a collaboration with the Mobility Fund.
“Moreover, we launched a UK franchise mannequin aiming at attracting prime expertise in monetary providers.
“This program, which provides franchisees with comprehensive back-office support has already appointed its first franchisee with a target of representing 30 territories in the coming years,” it added.
The corporate additionally constructed a fleet of 1,000 automobiles for its FlexAuto leasing enterprise which it goals to increase and probably open too abroad franchising.
In 2024, the restructuring continues with the sale of dealerships to Parks, leaving it with Porsche enterprise.
