Newspaper article The Journal (Newcastle, England)

Advertisement Feature - Jennings Optimism Follows Buyout

Newspaper article The Journal (Newcastle, England)

Advertisement Feature - Jennings Optimism Follows Buyout

Article excerpt

One of the region's top two motor retailing groups is preparing for future expansion with the creation of more jobs following a realignment of its business.

The Jennings Group, which is one of the North-East's longest-established companies, has undergone one of the most significant periods of transition in its 90-year history.

With a successful management buyout now completed the business is gearing up to consolidate its strong position in what is currently a difficult retail market.

New chief executive Nas Khan says: "Management buyouts involving businesses of this size can be complicated and stressful for all involved and can create periods of uncertainty for staff.

"We understand and appreciate what each and every one of our employees has been through and are extremely grateful for their support.

"We know that it has been an unsettled time for them, with all sorts of rumours flying around but whilst the MBO was a protracted affair it has now been concluded extremely satisfactorily and the business is in a strong position to move forward."

The disposal of the group's Durham operation saw turnover dip from just under pounds 168m to about pounds 153m last year but the current prediction is for that figure to rise again towards the pounds 160m mark this year.

New car sales fell from 6,400 to 5,300, used car sales were up slightly from 4,650 to 4,780, new commercial vehicle sales dipped from 1,785 to 1,380 and used commercials remained roughly static.

Mr Khan believes that this was an extremely creditable performance under the circumstances of the management buyout, the disposal of the Durham operation and trading conditions that are generally accepted through the trade as probably the toughest in recent memory.

The management team are confident that the business is now looking toward the future from a position of strength with an enviable portfolio of franchises and significant expansion on the horizon. …

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