Williams’ profits hit by Liverpool refurb
NORTH West BMW and Mini retailer Williams Motor Company has enjoyed a 13% rise in turnover to £362.6m in the year ended December 31 (2013: £320.8m).
But the company, which has 12 showrooms across the region suffered a reduction in profits from £5m to £4m as the refurbishment of its Liverpool outlet had a “dramatic effect on the group’s overall new car profitability”.
Williams, founded in Manchester in 1909, took advantage of low interest rates for consumers with retail sales up 16.5%.
New car sales rose 9.3% from a total of 2,476,435 in 2014 from 2,264,737 in the previous year.
BMW sales went up 9.8% from 135,583 to 148,878, and Mini sales rose from 51,933 to 53,661, a rise of 3.3%.
New Land Rovers accounted for 56,200 of sales – up 2.7% from 54,899 while BMW motorcycles notched the biggest percentage increase 14.3%, up to 6,942 from 6,073.
Meanwhile, Williams total staff headcount went up from 614 to 642.
“UK car registrations went up to pre-recession levels as pent up demand combined with confidence in the economy saw consumer demand grow consistently throughout the year,” Williams directors’ strategic end of year report said.
“Corporate sales increase by 5%. Our lack of new car sales rate in Liverpool, as a result of the refurbishment in 2014, meant the group did not meet its sales targets without preregistered vehicles and this had a dramatic effect on the group’s overall profitability.”
The Williams group declined to comment further on the results.
