CAR dealer John Martin Holdings has seen losses increase by 90 per cent amid a shake up directors expect will help drive a much stronger performance this year.
The family-owned company, which operates three Belmont Group dealerships and a Murray Motors outlet in eastern Scotland, lost £831,000 before tax in 2016 compared with £436,000 in the prior year.
Accounts filed at Companies House show sales rose by four per cent during the year to £54.7 million, from £52.7m.
The Belmont dealerships sell Kia, Mitsubishi, Suzuki and Volvo cars. Murray Motors sells Lotus cars.
In the accounts directors said 2016 proved challenging as the group completed a refurbishment programme and made management changes.
They added: “Although the changes undertaken by the Group in 2016 did not result in the bottom line return that was envisaged, the Directors are confident that 2017 will result in a much stronger performance.”
The directors said the group sold its accident repair business in March after much consideration of a proposal to buy the business it received in 2016, without giving details.
They expressed appreciation for the continuing support of the bank during the period. The accounts list Bank of Scotland as the group’s banker.
The firm was started by John Martin in 1964 from a lock-up in Edinburgh.
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