Cargiant heads for record £50 million profit as it plans new £5 billion district

Hot property: QPR had wanted to build a new stadium as part of the £5 billion Old Oak Common development

Cargiant

16 November 2015

London motors dealership Cargiant, which owns land where QPR wanted to build a stadium, is on track to post record annual profits, its boss told the Standard.

Tony Mendes, managing director of the used car firm, said: “By October we had already beaten last year’s figures and expect to hit a pre-tax profit of £50 million this year.”

He added: “We have substantially more growth to come as our systems improve and staff numbers grow.”

Mendes, a QPR fan and former team sponsor, was speaking as accounts showed Cargiant’s sales soared by £70 million to £465.9 million in 2014, while pre-tax profit rose to £36.8 million from £30.3 million.

It benefitted from improved consumer spending and now has some 7,000 cars in stock.

Cargiant used to sponsor QPR (Picture: Getty Images)

(Julian Finney/Getty Images)

In June the firm unveiled plans to turn its 47-acre site at Old Oak Common into a new £5 billion district.

Partnering with developer London & Regional, it wants to build up to 9,000 homes and offices.

“It is important that this area is developed to benefit the local community that has served us so well over the years,” said Mendes.

QPR, nicknamed The Hoops, said it has “strategic land interests” in Old Oak and would like to build a new stadium as part of development which also includes housing and commercial space.

The ultimate decision on the future of the area is largely with the Old Oak and Park Royal Development Corporation and the Mayor of London.

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Cargiant heads for record £50 million profit as it plans new £5 billion district

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