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New and used dealer organisation Lloyd Motors saw its pre-tax profit fall by as much as 15% last year with turnover up to a fifth.
Its newly published accounts for the year ending December 31, 2023 show that the top hundred car dealership companies made a profit of £20. 628 million before tax, up from £24. 356 billion last year.
Meanwhile, profit fell to £870. 985 million from £727. 377 million, while EBITDA fell 7. 9% to £27. 991 million from £30. 398 million.
The effects are in stark contrast to previous figures, which revealed pre-tax profit rose more than 11% on a cash build of almost 16%.
In the corporate strategic report for 2023, signed on behalf of the board by director Bryan Lloyd, the company said it was happy with the overall performance of all its franchises in what it described as “unfortunate advertising conditions”. difficult”.
Directors’ overall emoluments increased from £863,000 to £876,000, with the highest paid director receiving £634,000, an increase of £1,000 compared to 2022. The board received a dividend payment of £330,000, the same figure that in 2022.
The average monthly number of workers increased from 1,082 to 1,168, while charitable donations totalling £34,053 were made during the year, almost double the £18,760 in 2022.
Lloyd Motors was founded in 1976 and now represents the BMW, Mini, Jaguar, Land Rover, Volvo and Kia brands in showrooms across the north of England and the Scottish Borders.
The effects come when the company obtained permission to partially demolish an old restaurant in Newcastle and use it for offices and more parking.
It has Mini and BMW showrooms near the former Mediterranean restaurant Levant Toon, which used to be in the indexed Fenham Barracks.
Now the elegant extensions of the former restaurant will be demolished in what the council called a “welcoming intervention”, leaving the guard posts, which date from between 1804 and 1806, intact, Chronicle Live reported.
Pictured at the best Google Street View, Lloyd’s used car shop in Blackpool.
John has worked at Car Dealer since 2013 after spending 25 years at the newspaper as a journalist and then deputy editor/sub-assistant editor on regional and national titles. John is a deputy editor in the editorial department, working at Car Dealer and managing social media.
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