Fast cars drive profits at luxury dealership HR Owen


Super-rich’s enduring love for fast cars drives profits at luxury dealership HR Owen

City & Finance Reporter for the Daily Mail

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

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

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.

 

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