Mercedes-Benz Retail Group has posted a £35.8m loss for the year ended December 2019, up from a £21.2m loss in 2018. Turnover was broadly even at £1bn. The retailer blamed a £17.1m write off related to a re-evaluation of its properties, and a targeted 20% reduction in low-margin corporate business. Reduced customer demand and MBRG’s reduced commercial footprint has helped to “right size the organisation”.
Towards the end of 2019, Angela Shepherd was named CEO at the Tongwell, Milton Keynes-based group, becoming the most senior woman in UK auto retail. In January 2020, former business development manager Tim Scheler became CFO.
Late last year, LSH Auto, the UK subsidiary of the world’s largest Mercedes-Benz retailer, reported losses of £18.2m for 2019 on turnover of £454m. LSH bought its UK retailers from MB Retail in 2016.