Trade Centre Group profits more than halved last year.
Figures filed at Companies House, Cardiff for 2022 show the used car supermarket group with showrooms at Neath and Cardiff saw profit before tax collapse 62.9 per cent from £18.6m in 2021 to £6.9m in 2022.
The group has other outlets in Coventry, Rochdale, Rotherham, Wednesbury and Birmingham and sold more used cars – 35k in 2021 to more than 41k – and increasing turnover to £345.7m (2021: £258m), but added that it felt the impact of inflation and the cost-of-living crisis.
In 2022 it said it brought in £312m from car sales and £32.6m from commissions. During the year the firm also paid a dividend of £6.4m, down from the £13.9m paid the year before. The group was founded by Mark Bailey, who has now returned as chairman, and the highest-paid director received just over £1m in remuneration.
