West Wales family garage group Gravell’s saw its profits rise to almost £5m in 2021, accounts have shown.
Documents in Companies House show its turnover rose by almost £20m to reach an impressive £96.3m compared to £76.5m in the previous year.
Some £85.8m came from vehicle sales with parts and service sales adding £6.6m while a further £3.9m came from other sales such as finance commissions.
The additional revenue also allowed profits to rise, with Gravell’s making £4.9m before tax in 2021 and represents a 51 per cent rise over 2020’s pre-tax profit of £2.37m.
Overall, the group, which represents Kia, Seat, Dacia and Renault, ended the year with £6.38m in tangible assets compared to £4.11m in 2020. It is the oldest surviving Renault UK dealership and has a very strong place in the local community, sponsoring sports teams and helping out in the pandemic.
In a statement, bosses said they were pleased with the results, especially taking into account the impact of Brexit and Covid-19.
Director and grandson of the founder Jonathan Gravell (above) said, “The company has maintained positive growth during the last 12 months considering the Covid and Brexit impact through its ability to offer innovative and value added products and services to its new and existing customer base while maintaining a high standard of service.
“The company continues to invest in its underlying systems and constantly seeks to identify opportunities for growth. The company’s performance is heavily influenced by the fortunes of the franchises it represents.
“Given the longstanding and successful relationship the company enjoys with each of its core franchises, it is considered that such risks have to a large extent been mitigated.”