Stoneacre targets £1 billion turnover with more buy-outs
23 December 2018 - 6:40pm | John Swift
The Stoneacre group is eyeing further acquisitions as it builds towards achieving its target of a £1 billion turnover.
Since January it has taken over a Mitsubishi dealership in Nottingham, Burrows Hyundai in Sheffield and later added its Volvo site, Platts Stafford (Kia, Renault, Fiat and Dacia) and in September incorporated Mill Garages in the North East which it says could become the UK’s biggest Volvo retailer. Stoneacre now operates from 46 locations and has 78 franchise sales points representing 20 manufacturers.
Reporting a pre-tax profit of £10.6 million, up from £7.9m in 2017 on turnover of £786m (£721m), the directors said: “Despite the continuing political and economic environment, particularly in respect of the future of diesel vehicles and negotiations surrounding Brexit, the Group continues to perform at record levels. The Group’s target of achieving £1 billion turnover will be achieved in the 2020 financial year and further acquisitions are currently being considered by the board of directors.”