Monday, March 28, 2016
RINGWAYS MOTOR GROUP POSTS PROFITS FALL
Financial accounts published by Ringways Motor Group, covering the year to 31 December 2015, detail a slowdown in turnover and profit. The family-run business, which was established in 1955, operates Ford and Kia franchises in Leeds and Doncaster.
Turnover for the business slipped from £73.8 million to £72.9 million, while pre-tax profit fell from £697,535 to £276,496. Also contained in the accounts were details of the auto retailer’s renewal of its banking facilities with HSBC for a further 12 months. The retailer agreed to overdraft facilities of £3.55 million, rising to £4 million during the peak trading period of March to September, to better meet its day-to-day working capital needs.
Ringways Motor Group operates Ford and Kia franchises at its Whitehall Road, Leeds site and a Kia franchise at its Bullrush Grove, Doncaster site. The group’s relationship with Ford goes back to 1967, while 2012 saw the completion of a custom built facility for its new Kia operation.
DATED: 28.03.2016
FEED: ARN
