Harratts hit by weak consumer confidence
CAR retailer Harratts believes it will enjoy the benefits of investments made in the last year as the motor industry feels the impact of the weak economy.
The company saw turnover fall 6% to £170m and pre-tax profits cut from £1.43m to £131,860 in 2011 in the wake of two particularly strong years.
It pointed to Government austerity measures and the ongoing turmoil in the eurozone as having a damaging impact on consumer confidence.
The year saw Harratts invest in a new centre at Calder Park hosting Honda and Mitsubshi dealerships and the firm’s head office.
Harratts managing director Shaun Harratt said: “We have enjoyed a year of significant and strategic investment, both in terms of creating a state-of-the-art head quarters and adjoining dealership at the Calder Park development in Wakefield and welcoming further franchises to our growing network of dealerships.
“We will reap the rewards of these investments over the coming years and are ideally placed to capitalise on the growth in the automotive industry throughout 2012 and beyond.”
Harratts is looking to capitalise on customers’ looking to prolong the life of their cars with new repair vans.
During the year it also sold a dealership in Barnsley and negotiated the end of a dealer agreement with Renault for its Pontefract site as well as adding Kia to the list of car brands it sells.
