The Executive Board of Axle Group Holdings Limited have ratified a £12 million, three-year inward investment strategy to help drive its business forward. Further announcements specifically relating to the firm’s acquisition strategy are expected.
National Tyres and Autocare will expand its network by 10 branches over the next year. Launching at the start of July, and projected to finish in early 2017, this expansion phase will include new branches in London, Yorkshire, Northamptonshire, South Wales and the South West. These branches will join the existing network of 241 branch locations operating throughout the UK. National added that 14 further sites are currently “in the pipeline”. The network is the UK’s third largest; the latest expansion will demonstrate its sharpest growth in locations for five years.
On 28 July Scotland’s Herald newspaper reported that Axle Group Holdings, the holding company behind the National Tyres and Autocare tyre retail chain and the Viking wholesale business, had reported a £2.1 million loss in its full-year 2013 figures. The headline figures were that group sales dipped from £166.3 million in 2012 to £161.5 million in 2013. And that while costs fell, 2012 profits of £3.85 million had become a £2.1 million pre-tax loss for 2013. However the complicated nature of holding company accounts suggests that this doesn’t necessarily tell the whole story. Having read accounts filed at company’s house and contacted executives at Axle Group, Tyres & Accessories spoke with company founder, chairman and 60 per cent shareholder Alan Revie who spoke of strong operating results and branch expansion – even a rough goal of 300 branches.