Masters of Beckenham saw its pre-tax profit fall last year from almost £5m to just over £1.5m.
In its accounts for the year ended December 31, 2021, which have just been published on Companies House, profit fell from £4.96m in 2020 to £1.54m, a drop of 69%.
This was a turnover of £46.38 million, an increase of 9% on the 2020 figure of £42.37 million.
The family business Top 100 car dealerships The company, which was founded in 1952, received nearly a quarter of a million pounds in furlough grants in 2021 (£244,585), up from £592,127 in 2020.
The average monthly number of employees across the group fell from 110 to 85 between 2020 and 2021.
Director Brian Cotton said in the accompanying strategic report that the closures caused operating problems, but business volumes increased in the second half to bring results in line with what was achieved in 2020. .
He added that “a thorough review” in 2022 led to the company dropping three of its four franchises – these were Mazda, MG and Renault – leaving the group with just Kia now.
Vacant properties in Beckenham and Croydon have either been included in the group’s investment property portfolio for future letting or have had their leases cancelled.
Although Masters got rid of three franchises, it still offers after-sales service for Mazda, MG and Mitsubishi.
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