Tuesday, 21 February 2012

Sales of used cars in the four months to 31 January fell 11.7 per cent at Caffyns, reflecting the “uncertain” economic climate.

In an interim management statement it said sales of new cars at the dealer group fell 1.4 per cent while the new car market as a whole declined by 1.3 per cent.

Aftersales turnover was down 3.6 per cent on a like-for-like basis. Caffyns said this was due to reduced numbers of one-to-three year old cars in the used car parc.

Caffyns is pushing ahead with the sale of property in Brighton following a successful appeal against a planning refusal for change of use.

The site will now become a Sainsbury’s and Caffyns will see a £2m net gain from the transaction, which will be used to cut debt.

Looking ahead, Caffyns said trading conditions remained challenging but following its restructuring it was “well placed” to take advantage of any upturn in the economy. It would also consider acquisitions.