A Scottish car dealership has posted a sharp fall in profits .

Its chairman described the past year as “one of the most challenging periods for the UK retail motor industry in recent memory”.

Peoples Group, founded by chairman Brian Gilda in 1983, declared the trading environment had been “impacted by supply constraints, interest rates and cost-of-living pressures” as it reported profit before taxation and preference share dividends decreased by 75% from £5.15m to £1.28m in the year to July 31.

The group, which operates six dealerships across Scotland and Liverpool selling new and used vehicles, declared that major changes made to the business last year have made it “resilient in the face of industry-wide challenges”.

Peoples, which ended its 42-year legacy of Ford exclusivity

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