The Trade Centre Group turned in losses of -£5.4m on turnover of £275.3 in the year to November 2024. This contrasted with the £6.6m pre-tax profits delivered the prior year on turnover of £311.3m.

Total vehicle sales for the year were 33,538 (2023: 38,544), reflecting the slowdown earlier in the year.

“This year proved very challenging for the used car market, with significant economic headwinds impacting performance, particularly in the first half,” it said in accounts filed at Companies House.

“Reduced consumer confidence and spending power, together with inflationary cost pressures restricted performance on both retail volume and margins.”

The company responded with a turnaround plan which included the closure of the Birmingham operation in July 2024.

It also overhauled the way it buys retail stock, stock management and part-exchange disposals, using new digital tools. As a result it said it has made £4.7m pre-tax profits in the first half of 2025.

Andy Coulthurst, CEO of Trade Centre Group said: “We are enjoying the fruits of the team’s hard work in 2024, we made wholesale changes to the business, including improved technology and introducing more dynamic senior leadership across the sales function and inventory acquisition and management side of the business. Our focus is firmly on £10m plus PBT for the full year.”