Newark tyre firm on acquisition trail to drive turnover

Tanvic, the Newark-based tyre and motor service company, says it has had a “disappointing” year after turnover dropped by more than £3m – and that it now looking to acquire competitors.

For the year ending 31 December 2015, turnover was down from £53.6m in 2014 to £50.4m last year. However, profits rose slightly – up from £4.12m in 2014 to £4.32m last year.

Tanvic says the drop in turnover was due to increased competition and costs.

Meanwhile, staff numbers at the firm grew to 303 from 267 in 2014 as the wage bill grew by around £240,000.

Tanvic says it won’t be paying a dividend to its shareholders this year.

In a statement on its annual accounts, the company said: “The Board are satisfied with the over net profit achieved following a disappointing year for turnover, mainly due to continued reduction in the underlying cost of goods and ultimately sales prices achieved, and challenging conditions within specialist sectors. This will be recovered in 2016.

“The Group remains ambitious and will continue to pursue growth opportunities, including through acquisition where they represent good value.”

Tanvic operates from 22 branches across the Midlands, East Anglia and South Yorkshire.