However, profitability faced headwinds, with earnings before tax (EBITDA) falling to £16.1m.

Now in its 16th year of trading, the automotive giant has diversified into various divisions, including a luxury car section, a volume supermarket wing, a new mobility segment, and the car finance brokerage CarMoney. Originating from a single dealership in Perth in 2006, the group has grown to possess net assets valued at £97m.

Capitalising on strategic financial planning, Peter Vardy secured a £25m revolving credit facility over three years, extendable for an additional two years, along with a £10m accordion. Coupled with £70m in used vehicle stocking facilities, the group has access to a substantial £105m in funding.

This liquidity supports the company’s 2030 vision which was underscored by a comprehensive strategic review focused on emerging trends in the automotive industry, including electric vehicles and evolving mobility solutions.

The company had to make tough choices in light of the post-covid market conditions and a scarce supply of used cars. Two used car supermarkets in Dundee and Glasgow were shut down, leading to 118 redundancies. Some 30% of affected staff were transitioned into new roles within the group.

Despite these challenges, specific areas of the business performed well. CarMoney recorded 73% year-on-year turnover growth, clocking in at £18.7m and yielding a 24% increase in pre-tax operating profits at £4.1m. Similarly, the newly established Mobility Division ended 2022 with 630 vehicles on its fleet, operating at over 90% utilisation and turning a profit within its first year.

However, the company did not escape the impact of rising costs, including higher interest, business rates and employment expenses. A one-off £1m bonus was paid to employees to cushion the impact of these rising living costs, contributing to a £4.6m hike in operational costs for the year.

Continuing its tradition of giving back, the Peter Vardy Group donated 10% of its annual profits to various charities through its own start-up initiative, the GEN+ program, which aims to provide essential skills training to children in Scotland.