Peter Vardy Holdings went into the red in 2023 with combined losses of -£10.8m on turnover of £551.3m in sharp contrast to the £6.1m pre-tax profits and £590.5m turnover generated in the prior year.
The combined losses include a loss of £8.1m for the Perter Vardy Group of companies and a profit of £2.7m from its Car Money broker business.
In accounts filed at Companies House, it said 2023 was the most significant for the group in terms of the “strategic transformation” as it focused on luxury brands, sold off used car supermarkets and expanded its motor finance broker business and flexible leasing operation.
It said the closure of supermarkets was due to a shrinking used car parc for sub-five-year-old cars and the move was in line with industry trends.
It said Car Money was the “Standout performer” for the group with a record £208m brokered.
“This year we piloted a start-up operation in Australia to explore the viability of scaling overseas.
“The results were promising, and we now have a clear franchise model in place with plans to launch in 10 international markets within five years through a collaboration with the Mobility Fund.
“Additionally, we launched a UK franchise model aiming at attracting top talent in financial services.
“This program, which provides franchisees with comprehensive back-office support has already appointed its first franchisee with a target of representing 30 territories in the coming years,” it added.
The company also built a fleet of 1,000 vehicles for its FlexAuto leasing business which it aims to expand and potentially open too overseas franchising.
In 2024, the restructuring continues with the sale of dealerships to Parks, leaving it with Porsche business.
