Vantage Motor Group has been sold by founder Mark Robinson in a management buyout involving the AM100 car dealer’s chairman, finance director and operations director.
Robinson confirmed to AM this morning that he will leave the Knaresborough-based retail business at the end of the year following a handover to chairman Phil White, finance director Tim Swindin and operations director Andrew Mallory.
Vantage returned to profitability in its annual financial results for the period to December 31, 2017, following the sale of ‘unprofitable businesses’ but its 2018 accounts are currently three months overdue, according to Companies House.
In October 2017 the Knaresborough-based business had said that investments in property, facilities, fixtures and in turnaround operations to restore a number of loss-making and under-performing dealerships had led to a 2016 pre-tax loss of £134,000, despite a 25% growth in turnover to £262m.
Last October, however, the group, which operates 24 dealerships across the North and Midlands, selling Toyota, Hyundai, Citroen, Lexus, Honda, Kia, Skoda and Mazda vehicles, reported a set of 2017 results which shows a £1.46m pre-tax profit alongside a further 6.9% increase in turnover to £280.1m.
In a statement issued alongside those 2017 results the group’s directors said: “Proﬁts from recently acquired businesses in West Yorkshire improved signiﬁcantly and the company beneﬁtted following the closure last year of unproﬁtable business locations.
“Towards the end of the year we have further consolidated our loss making businesses with the sale of our Oldham and Stockport Hyundai businesses.
“Our Mazda operation in Oldham was also included in this sale. The disposal of these businesses will further enhance the company’s proﬁtability and earnings going forward.”
[source: Automotive Management online]