HENDY GROUP LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 2.3 to the financial statements which indicates that the achievement of banking covenants is dependent on achieving the forecasts of the Group, of which the Company is a wholly owned subsidiary, which historically have not been achieved. This event, and the other conditions set out in Note 2.3 to the financial statements, indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. The financial statements do not include any adjustments that would result if the Company were not a going concern.

1. HENDY GROUP LIMITED 2003-06-20 → present
2. HENDY LENNOX LIMITED 2001-01-15 → 2003-06-20
3. HENDY LENNOX (SOUTHAMPTON) LIMITED 1923-10-04 → 2001-01-15

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 2.3 to the financial statements which indicates that the achievement of banking covenants is dependent on achieving the forecasts of the Group, of which the Company is a wholly owned subsidiary, which historically have not been achieved. This event, and the other conditions set out in Note 2.3 to the financial statements, indicates that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. The financial statements do not include any adjustments that would result if the Company were not a going concern.”

Significant events

• “The 2024 loss before tax of (£15,604k), (2023: profit £11,048k) was an extremely disappointing result. The EBITDA was (£4,899k), (2023: profit £20,233k). The Company took a number of key actions in response to the market conditions and trading performance, which included: Exiting its relationships with Maserati and Moke; Significantly reduced its representation with Honda; Closing down one of its used car supermarkets; Reducing headcount by 4% during the year; Recruiting a new Chief Operating Officer, Duncan McPhee, to strengthen the executive board, who started in October 2024 and has been appointed a director in April 2025; Planning an organisational restructure which has been implemented in early 2025.”
• “During 2024 the key decisions taken by the board included the following: The decision to exit several loss-making sites and adjust its brand portfolio, including Poole Maserati / Moke, Exeter Honda, Portsmouth Honda, and Dorset Used Car Store. The decision to reduce its headcount to achieve around £5m of annual savings in very challenging market conditions. The decision to strengthen its board with the recruitment of a new Chief Operating Officer, who commenced employment with the business in October 2024 and has joined the board in 2025.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

11

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

2

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -5.4%

  £1,163,566,000 → £1,101,038,000

• Cash

  +3.4%

  £4,308,000 → £4,454,000

• Net assets

  -21.4%

  £66,992,000 → £52,657,000

• Employees

  -3.8%

  1,762 → 1,695

• Operating profit

  -146%

  £17,340,000 → -£7,979,000

• Profit before tax

  -241.2%

  £11,048,000 → -£15,604,000

• Wages

  +3.5%

  £65,138,000 → £67,422,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers