Super-rich’s enduring love for fast cars drives profits at luxury dealership HR Owen
The super-wealthy’s enduring love for fast cars has helped double the bottom line at luxury dealership HR Owen.
Profits at the world’s largest dealer of Ferraris, Lamborghinis and Bentleys leapt from £2.9million to £6million for the year ended April 30.
Although overall revenues slipped slightly from £428million to £423million, the group has been restructured and costs ripped out after being bought in 2016 by Malaysia’s Berjaya Group.
In demand: Profits at the world’s largest dealer of Ferraris, Lamborghinis and Bentleys leapt from £2.9m to £6m for the year ended April 30
Chief executive Ken Choo, an ex-casino boss who is also chief executive of Cardiff City football club, said: ‘Frankly speaking, the demand for the products is still there.
The ultra-luxury segment is still growing and they want more.’
HR Owen will build a £50million London showroom and start offering niche services for the super-rich such as storing cars when they are away.
Its customers already sometimes use fashion experts to advise about bespoke fancy interiors, sometimes adding about £50,000 to the price of the car.