One of the Republic's biggest car dealers is planning a €45 million expansion that will see it increase in size and turnover by 50 per cent.
Windsor Motors said yesterday the €45 million investment on the next phase of development will see it increase its number of dealerships to 19 from 13 and will boost sales from their current €270 million-a-year level to €400 million.When it is complete, the group will have spent a total of €90 million on expanding its operations.
The group recently completed a €50 million investment programme with the acquisition of Crosson Opel and DG Nissan and the upgrading of dealerships in Cork and Dublin.
In preparation for the next phase, the company is restructuring its management. Gabriel Keane takes up the position of group chief executive.
Mr Keane has been group managing director at Windsor Motors for 13 years.
Con Gough joins as managing director from Renault Ireland, where he is a director and group managing director of Citygate Motors, which is part of Renault Ireland.
Robert Nolan, who has worked with Windsor since 1995, has been promoted to group finance director.
Windsor has been in business for 39 years and describes itself as the Republic's biggest motor dealer. It operates nine Nissan dealerships in Cork, Dublin, Galway and Wicklow. It also has Opel, Chevrolet and Ssang Yong dealerships. In addition, it runs a corporate fleet management service from its Dublin headquarters. The group said yesterday it intends expanding this portfolio of brands.
Announcing its plan yesterday, Mr Keane said: "Our aim in allocating a further €45 million to ongoing development is to expand the number and geographical reach of our dealerships and to broaden our product offering."
In a statement, the company said it had "experienced substantial growth recently with group sales for the first half of 2007 up 15 per cent on the corresponding period in 2006.
"This is significantly ahead of the average 5 per cent sales increase recorded in the Irish motor industry to date this year."
The company had sales last year of €270 million and employs more than 450 people.
Returns filed with the Companies' Registration Office show that its pre-tax profits in the 12 months ended March 31st, 2006 were €5.5 million.
Shareholders' funds stood at €47.4 million. The group reinvested most of its profits that year, the figures show.
