Why Did Fish Brothers’ Profit Slip in 2025 Despite a Surge in New and Used Car Sales?
Fish Brothers posted a 4% profit drop in 2025 even as new car sales rose 17% and used sales increased – discover the key figures and reasons.
Overview of Fish Brothers’ 2025 Financial Results
Swindon‑based dealer group Fish Brothers filed its year‑end accounts to Companies House for the 12 months to December 2025. The accounts reveal a pre‑tax profit of £2.72 million, representing a modest decline of just over 4% compared with the £2.84 million recorded in the previous year.
Growth in New and Used Vehicle Sales
Despite the dip in profit, the group sold a greater number of vehicles across both new and used segments. New‑car sales increased to 8,916 units in 2025, up from 7,605 in 2024. Used‑car transactions also rose, reaching 3,192 units compared with 2,854 the year before.
The service department contributed additional revenue, with the number of service hours sold climbing from 81,630 to 82,553.
Turnover and Stock Valuation
Higher volumes translated into a turnover of £283.77 million, almost 17% higher than the £243.1 million recorded in 2024. At the same time, the total value of vehicle stock on hand grew significantly, rising from £43.74 million at the end of 2024 to £58.26 million** in 2025.
Consignment stock – vehicles held on behalf of manufacturers – expanded from £26.7 million to nearly £38 million**. The company explained that the increase in used‑stock levels aligns with anticipated future sales, while the rise in consignment stock reflects the level of supply from manufacturers.
Dealer Network Expansion
Fish Brothers continued to broaden its brand portfolio during 2025. New franchise agreements were secured for Omoda, Jaecoo and Chery, adding to an existing roster that includes Renault, Dacia, Toyota, Lexus, Honda, Škoda, Kia, SEAT, Cupra, Nissan and Volkswagen Commercial Vehicles.
Further expansion took place after the accounting period, with an additional Kia franchise opening in January 2026 and an Xpeng site launching in April 2026.
Financial Pressures and Cost Increases
Several cost factors helped to offset the revenue growth. Staff numbers rose from an average of 308 to 315 employees, driving employee costs up to £11.47 million**. Director remuneration also increased markedly, climbing from £266,000 in 2024 to £640,000 in 2025. The highest‑paid director received £357,929, which includes a pension contribution of £5,131.
No dividends were declared for 2025, following a £1 million dividend payment in the prior year.
Potential Liabilities
Company secretaries noted that Fish Brothers could face complaints or liabilities linked to the Financial Conduct Authority’s motor‑finance redress scheme. At the time of reporting, no specific provision had been set aside for such payments.
Management Outlook
Secretary Colin Deacon commented that “current activity remains strong, with the 2026 budget and 2027 forecast indicating continued growth.” He added that performance is regularly reviewed by the directors to ensure any fluctuations in sales or costs can be accommodated within the existing structure.
What This Means for Dealers and Buyers
The figures show that, even with solid sales growth and a expanding brand portfolio, rising staff and director costs can erode profitability. For prospective buyers and other dealers, the data underline the importance of monitoring both revenue streams and overheads when evaluating dealer performance.
For further insight into market sentiment, Fish Brothers invited readers to take part in a quick survey about showroom activity.