Carcraft parent narrows losses
THE company which owns the Rochdale-based second hand car dealer Carcraft made a pre-tax loss of £55,000 on sales of £125.3m last year.
Pennine Metals A is owned by brothers Noel and Darren McKee, whose father Frank founded Carcraft in 1961.
They also own the Webuyanycar.com business which is held by a separate company called Pennine Metals B which reported a pre-tax loss of £1.8m in the year to September 2012.
Pennine Metals A’s loss is an improvement on the prior year when it posted a pre-tax loss of £1.08m on sales of £180.5m, however this was over a 16-month period to September 30, 2011.
In their report the directors said: “The performance of the business during the period we deem as acceptable and in line with the prior year. This, given the longer than expected and continued economic uncertainties both and abroad.
“Our continued focus on fit for purpose and scalable cost structures with continued progress in core deliverables such as gross margin, market share, cost per acquisition and stock turn have helped deliver consistent results year on year despite the continued downturn.”
The holding company contains a number of trading assets such as UK Car Group, CC Automotive and car finance company All in One. It had net assets of £27.8 and finished the year with net debt of £7.6m, up from £7.2m.
