Phoenix’s flame burns less brightly
The firm, founded by managing director John McGuire in 1993, posted a pre-tax loss of £795,427 for the year to 31 January, compared with a profit of £61,457 the previous year, accounts filed with Companies House show.
Directors said the company’s results had been hit by a provision for the sale of its loss-making BMW franchise and a write-down in the value of its Falkirk business, adding: “This reflects the difficult trading conditions we continue to face.”
Staff numbers fell from 425 to 416 and sales dipped to £143.3 million but Phoenix said the new-car market should be “reasonable” this year, with used car sales recovering in 2013.