Newark tyre and motoring firm “satisfied” as profits rise
Tanvic, the Newark-based tyre and motor services company, says it is “satisfied” with its year-end results after turnover and profits both rose.
For the year ending 31 December 2016, Tanvic’s profits were up by 2.7% to £4.5m, while turnover improved by 4.9% to £52.9m.
According to newly-published accounts, during the year, Tanvic Group Holdings was established and now owns 100% of Tanvic Group Limited (the trading company). The new holding company will now buy the freehold trading properties of Tanvic Group Limited and surplus retained profit.
A statement in the accounts said: “The Board believe 2017 presents challenges as the economy tightens and inflationary pressures begin to bit, but remain confident in their ability to continue to deliver growth and improved returns.”
Tanvic operates from 22 branches across the East Midlands and East Anglia under the brands Tanvic Trye and Service Centres, Tanvic Commercial and We Sell Tyres. At the time the accounts were published, the firm employed 309 people.