Salford Van Hire drives ahead
SALFORD Van Hire moved back into the black in 2010 as increased sales and lower finance costs meant it reversed a £791,000 loss in 2009 into a £2.8m profit.
The business, which was started more than 45 years ago by director Rafaello Bacci, saw its sales increase by 7% to £56.6m and paid out less in finance charges, reflecting “the reduction in the group net debt”.
Net debt fell by £8.1m during the course of the year, to finish at £62.7m at its year end.
A directors’ report accompanying the firm’s accounts states that an improvement in the value of second-hand vehicles also helped to reduce losses, which, when accompanies with approved margins, meant that it was “able to report a significant profit”.
“The directors are confident that group turnover will continue to grow at a steady rate in the future and current year sales figures are growing,” it said.
The company, whose shareholders and directors are all members of the Bacci family, also said that it was continuing to expand its operations in Italy, which is the country of Mr Bacci’s birth.
The value of Salford Van Hire’s net assets edged up by around £950,000 to £48.3m.
As well as its headquarters and main site behind Manchester Prison, Salford has an operation in Leeds.
