Peter Vardy announces proposed strategic changes to enhance long term business prospects

01/08/2023
Peter Vardy

THE PETER Vardy Group, one of Scotland’s leading automotive companies, has recently announced its decision to propose the closure of its two purpose-built large used car supermarkets in Dundee & Glasgow. This move comes as a result of the challenges faced in the used car market post-Covid, primarily due to a lack of used vehicle supply. In March 2020 when covid restrictions started Car Manufacturing factories were forced to close. Since then, new vehicle manufacturing has failed to recover to pre covid levels and forecasts indicate continued lower new car production levels in the future. This has, and will obviously result in a drastic shortage of under three year old cars, the stock required for the financial viability of Used Car Supermarkets. 

Simultaneously, the Group is pleased to announce its appointment as a new franchise partner for MG, the prominent automotive brand, with the first two sites opening this month in Kirkcaldy and Edinburgh. This strategic move aims to capitalise on MG’s increasing popularity and cater to the evolving preferences of customers for affordable new cars. This news follows the groups recent appointment as the sole distributor in Scotland for the new Ora brand, Great Wall Motor’s premium pure electric vehicles.

Despite the regrettable redundancies that may result from this decision, Peter Vardy is committed to prioritising the welfare of its valued colleagues. The company is dedicated to offering a significant number of vacancies and hope to offer as many to our affected colleagues alternative roles in other growing areas within the wider group, ensuring their professional development and future prospects.

At Peter Vardy, colleague welfare is and always will be the primary objective. The company has meticulously planned and executed measures to ensure the well-being of all impacted colleagues during this period. New roles have been created to accommodate affected employees, and the government agency PACE (Partnership Action for Continuing Employment) has been appointed to provide additional support.

The group’s Welfare team is also readily available to provide assistance and guidance, offering a compassionate and supportive environment for all colleagues. Moreover, Peter Vardy’s Foundation has been made available to offer financial aid should any individual face financial difficulties in the near future.

“Proposing the closure of any business, when the primary focus is on colleague engagement, welfare and career development is of course a disappointment. I am sorry to and for our affected colleagues but we will do everything in our power to support them in this period. The lack of a used car supply for car supermarkets has driven this decision, it hasn’t been performance or skill or the quality of our teams, it’s a change in the market conditions. While the decision to close our used car supermarkets is tough for us all, we firmly believe that reallocating resources, funds, and talent to the growing divisions within the group will bolster long-term prospects for the business and its colleagues,” stated Peter, CEO of Peter Vardy.

This strategic shift is a reflection of Peter Vardy’s commitment to adapt, innovate, and thrive in an ever-changing automotive landscape. The company remains dedicated to delivering exceptional customer experiences and fostering a culture of growth and opportunity for its team members.

For more information, please email press@petervardy.com.

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