08 August 2021

BMW and Mini retailer Vines, which operates franchises in the south of England, has reported a loss before tax of £196,082 in its annual report for the year to 31 December 2020 – a significant improvement on its 2019 equivalent of £1,733,053, however the loss figure includes more than £2 million in Government grants.

Admin expenses fell by £1,322,651 to £22,547,847 but were bolstered by £2,011,426 in Government grants. New vehicle sales were down by 689 to 2,585 units and used by 260 to 3,037.

The US-owned group said the pandemic’s effect meant it performed below its original expectations for the year, pointed out that it “outperformed the BMW network average in sales penetration of total industry volume” which was 7.8% for BMW and 5.2% for Mini.

It also reported a 2.5% increase in labour margins, said the manufacturer’s target reductions and “static” volume target for 2021 had “alleviated the necessity to self-register cars” and noted its “simplified target and bonus arrangement” introduced this year.

Tags: BMW, Mini, results, Vines