Riverside Motor Group’s acquisition of Harratts’ Honda dealership in Wakefield helped it to a 24% increase in turnover in its 2021 annual financial results.
Accounts filed with Companies House show that the Doncaster-based AM100 car retail group drove revenues from £153.5 million to 190.8m during the period ended December 31, 2021, as pre-tax profits rose by 37.3% to £7m (2020: £5.1m).
The strong results come in a year in which the business is celebrating its 40th anniversary with a series of special events.
Reflecting on the business four decades of growth managing director Mark Denton said: “The world of motoring has changed a lot since we first opened our doors in 1982, but Riverside’s values and commitment to providing a high-quality service remains as strong as ever.”
Riverside Motor Group operates Volvo, Seat, Cupra, Honda and Mitsubishi dealerships in Doncaster, Hull, Wakefield and Barnsley.
It acquired the Harratts Group’s Honda site at Calder Park Wakefield in June last year.
Later that same year it completed a multi-million pound, nine-month project to upgrade its Volvo Car UK dealership in Doncaster.
In its annual report, which accompanies its 2021 accounts, the group said: “The impact of the COVID-19 pandemic since March 2020, in conjunction with the UK’s departure from the EU on 1 January 2021 and the related trade agreement are consistently monitored by the directors in order for the related risks to be managed swiftly and effectively.
“Furthermore, a global shortage of semiconductors and other raw materials has had a major impact on the market, resulting in a significant reduction in new vehicle sales for all motor dealers, including ours.
“However, as a result of the supply shortages and in turn the reduced number of new vehicle registrations, the demand for used cars was exceptional with demand continually exceeding supply.”