In a Town and County breakup, Vardy takes the firm’s Porsche and Land Rover franchises, while another dealer takes Honda from the Aberdeen chain. The buyout is a bold move for Vardy Group, currently bucking the economic trend with a £2.2m profit in Q1 2012, up on £2.1m the previous year. Great results for a chain of once seven, now nine dealerships including Edinburgh BMW & Mini: the UK’s biggest new-BMW sellers.
CEO Peter Vardy told Motor Trader that Q1 had brought “exceptional results which underline a significant boost in trading. Used car sales took off thanks to increased efforts to source quality, value-for-money stock. With strong profitability, we have also enhanced the working capital within the group and significantly improved on our debt position.”
For the 2011 financial year, the group generated profits of £2.1m on a turnover of £207.9m, repaying £16.5m of loans during the period. That strong start to 2012 put them front and centre when the well-established Porsche shop came up for grabs.
Selling BMWs is different to running with Stuttgart, but Ferdinand wishes the Vardy Group well, and looks forward to an Aberdeen Porsche visit one day. It’s a beautiful part of the world: the Panamera pics are from the Panzer Hybrid & Diesel launch in Scotland a few years ago, which we attended.