2017 financial results show that family-owned Swansway Motor Group, which runs Carlisle Audi, delivered a 49% increase in EBITDA over 2016, rising to £12.296m, mainly due to the Group’s acquisition of Thompson Motor Company, previous owners of Preston Audi, late in 2016.
Swansway, generated £6.107m in profit before goodwill amortisation; Group director, Peter Smyth commented: “We’re going through a period of consolidation following our acquisition of Thompson Motor Company and our joint focus is driving up our profitability and reducing our long term debt. To that end 2017 saw us reduce long term debt by £3.3m.
“Though we know the sector is going through a period of disruption, we believe that there will always be a need for a local, physical destination and we continue to invest in our businesses where we believe we will see an immediate return on that investment.
“We’re investing £700k in a workshop extension at our Stafford Land Rover site, which has been the Land Rover UK Dealership of the Year for two consecutive years”, added Peter; “Our workshop there is at full capacity and with the increasing Land Rover parc, we expect to see a return on our investment within 12 months.”
“With four Volkswagen Van Centres we have recognised the growth in van sales which has come from consumers preferring to shop online rather than on the high street”, explained Peter, “all those packages to be delivered have led to an upsurge in commercial vehicle sales and we’ve invested £1m extending the workshops at both our Liverpool and Wrexham van centres to accommodate the uplift in work.
“So far 2018 has proved to be a good year, though obviously challenging and we look forward to 2019 as it’s our belief that with the franchises we hold and the people we employ, we will continue to prosper.
“Though we’re not actively seeking to expand, but we remain receptive to the right opportunities.”
