John Grose profit up – despite Stellantis ‘frustration’
09 May 2023
John Grose Group saw profit before tax for the year ended December 2 rise from £6.2m to a record £8.3m. Turnover grew from £158m to £187m.
The Suffolk retailer used its strategic report to criticise Stellantis. During the year, Stellantis consolidated many of its IT platforms and rationalised supply chains, “all of which was a major source of frustration to the franchised networks.
“This is likely why Stellantis brands did not fare well in the 2022 UK dealer attitude survey, along with market share pressures and poor dealer profitability.”
However, John Grose said it welcomed Ford’s planned move to an agency model and rationalisation of its network. The changes “are not seen as a risk to the business”.
The retailer revealed its closed defined benefit pension scheme is 136% funded on a section 179 basis, with a surplus of over £2m.
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