National’s Revie Speaks of a Strong 2007, Confirms Expansion Plans

Healthy annual figures for National Tyres and Autocare were hinted at on April 22, along with a confirmation of the company’s intention to invest in expansion. Although the full year 2007 results are as yet available from Companies House, executive chairman Alan Revie disclosed that turnover in 2007 increased 15.8 per cent, from £87.7million to £101.6 million, and operating profit shot up 128 per cent, from £1.45m to £3.3m.

Commenting on the results, Revie said “2007 marked another year of significant progress for the company, and this creates a wonderful platform to launch our ambitious growth plans.” These growth plans, he reiterated, include investing more than £12 million in new outlets over the next five years. Mr. Revie said that although nationwide growth was anticipated, an emphasis on a number of key regions was planned. These areas include the London, the Home Counties, and the West Midlands.

“We have advertised for sites fairly extensively, and we have opened three already, signed terms for seven and are in negotiations for another nine,” said Revie. “We don’t think that’s at all bad, considering we’re only in the first quarter of the year.” At present National Tyres operates just over 200 outlets and employs around 1,400 people. About 500 jobs will result from the company’s expansion plans. “We want to open 115 new sites in the coming years. We already serve more than one million customers a year and want to grow our successful business further,” the executive chairman added. “We believe that a further 50 per cent growth in sales is achievable over the next five years and we are determined to realise that ambition.”

Revie added that the expansion would be financed without requiring any new borrowings, and the maximum number of UK outlets National Tyres was considering is 420.