Bloor family business close to £200m annual profits
HOUSING MARKET RECOVERY BOOSTS RESULTS
THE family business behind Bloor Homes and Hinckley’s Triumph Motorcycles is edging towards profits of £200 million a year.
Bloor Investments made £192 million in pre-tax profits in the year to June 30 – up from £188 million. Group turnover hit almost £1.7 billion, which was up from £1.5 billion.
Bloor Homes, based in Measham, north west Leicestershire, dates back to 1969 when it was launched by former plasterer John Bloor.
A recovery in the housing market, rising values and ultra-low interest rates have all boosted the housebuilding side of the business.
New accounts show gross margins were around 20 per cent on the 3,760 new homes it completed last year – which was 500 more homes than a year earlier as a result of more sites.
The average house price dropped £2,000 to £296,000.
The accounts state: “The housing market has been strong as a result of mortgage finance products at affordable levels and loan-to-value ratios.
“The National Planning Policy Framework, introduced by the Government, is increasing the supply of residential land in the market.
“Bloor Homes continues to invest in quality strategic and consented land, enabling it to build houses of the highest quality and trade successfully in a buoyant market.”
On the back of the success of his housing business, Mr Bloor bought the collapsed Triumph motorbike manufacturer for £150,000 in 1983, displaying the first models from its new home in Hinckley in 1990.
He has poured tens of million of pounds into rebuilding the 100 yearold brand. Recently it was reported that the bike business had seen turnover grow to £529.5 million in the year to June 30, compared to £502.7 million a year earlier.
Pre-tax profits rose from £9 million to £9.5 million, despite the amount spent developing new models rising from £36 million to £43.4 million.
Triumph said 60,131 of its bikes were sold last year, compared to 61,105 the previous year.
And it said a higher proportion of them – 86.2 per cent, compared to 85.3 per cent – went to riders outside the UK.
The bike business, which employs around 2,000 people, has continued to invest in research and development to strengthen its future line-up of explorers, modern classics and roadsters.
The company continues to invest in new models, and export performance remains strong, with production facilities and distribution networks in Brazil and India delivering an important contribution.
The accounts said: “Triumph Group has performed strongly over the past few years against a backdrop of challenging economic, currency and motorcycle market conditions.
“Trading conditions for the motorcycle industry are expected to remain challenging with global economic uncertainty and the continued constraints of consumer credit lending and individual spending.”
John Bloor, 76, was awarded the OBE in 1995 for services to the motorcycle industry.