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Loss of £2.1m for National Tyres firm

AXLE Group Holdings, the company behind the National Tyres and Autocare chain, had a £2.1 million loss in a year when its highest paid director saw their pay almost treble.

Turnover at the Glasgow business, majority-owned by entrepreneur Alan Revie, dipped from £166.3m to £161.5m in 2013, according to recently filed annual accounts.

Alongside that there was a spike in administration costs which went from £63.7m to more than £70m.

That contributed to the reverse of the £3.85m profit booked in 2012, into a £2.1m pre-tax loss for last year.

The group's net funds also dipped from £4.3m to £1.15m.

The accounts, which were lodged at Companies House, show the highest paid director saw their remuneration rise from £1.38m to almost £4.17m.

Total remuneration for the three directors, Mr Revie, John Caldwell and John Taylor, increased from £2.4m to £6.55m.

Average staff numbers at the business, which has more than 200 outlets around the UK with 30 of those in Scotland, grew from 1,400 to 1,431 with employee costs rising from £33.4m to £39.2m in 2013.

Writing in the accounts the directors said they would continue to implement their strategy to improve trading performance for the foreseeable future.

The financial report notes the purchase of almost 30,000 shares from "various minority shareholdings" with a £2.6m charge listed for the buyback.

Mr Revie is said to own 60 per cent of the business.

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