Joe Duffy Group, one of the biggest car dealers in the State, has built a 3.3 per cent stake in UK-listed Vertu Motors.
Vertu, which is the third-biggest car dealer in the UK, informed investors on the London Stock Exchange of the stake last month.
The company was formed in 2006 to acquire and consolidate UK motor retail businesses. It was founded as a new entrant into the UK motor retail sector and is listed on the AIM market.
The group operates a countrywide chain of more than 190 franchised and non-franchised motor dealerships which offer sales, servicing, parts and body shop facilities for new and used cars and commercial vehicles.
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The dealerships fall under the trading names Vertu Motors, Bristol Street Motors and Macklin Motors.
Vertu represents brands including Audi, BMW, Honda, Jaguar, Kia, Land Rover, Mercedes-Benz, Mercedes-AMG, Mini, smart, Toyota and Volkswagen.
In 2010, Vertu Motors expanded into Scotland, where it trades under the Macklin Motors brand, which represents Ford, Hyundai, Kia, Mazda, Nissan, Peugeot, Vauxhall, and Toyota.
The company’s latest set of accounts show it generated revenue of £2.4 billion (€2.8 billion) in the six months ended August 31st, and delivered an adjusted profit before tax of £31.5 million. It also has net debt of £90.7 million.
The latest accounts for Joe Duffy Motors show it generated a turnover of €544 million in the year ended December 31st, 2022, which represented an increase of 19 per cent.
The dealership also increased its profit before tax by 22.7 per cent to €36.5 million, delivered earnings before interest, taxes, depreciation, and amortisation of €41.3 million.
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In a note attached to the accounts, the group described 2022 as a record year and its 15th consecutive year of turnover and profit growth. It grew staff numbers by 77 to 597 during the year.
The Joe Duffy Group has been synonymous with the motor industry in Ireland since 1972 when Joe Duffy acquired the first BMW Dealership in Ireland.
Founded by Joe Duffy and Bill Thompson, Joe Duffy Motors opened its doors with just four staff. That same year, 180 BMWs were sold in the Republic, half of which were sold by Joe Duffy.
Gavin Hydes became chief executive in 2005, and since then the Joe Duffy Group has grown from one to 23 dealerships. It is now one of Ireland’s largest and most successful retail motor groups.
The company has 610 employees and represents an extensive franchise portfolio including BMW, Mini, BMW Motorrad, BMWi, Audi, Mazda, Volkswagen, Ford, Land Rover, Jaguar, Volvo, Porsche, Lotus & Kia.
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