One of HiQ’s largest franchisees is celebrating a double success story, after acquiring their 11th fast fit centre and unveiling impressive half yearly profit figures.
Broadway Tyres, which owns a number of fast fit outlets in and around the outskirts of London, has added HiQ Grays to its portfolio.
In addition, Broadway is boasting overall increased retail turnover in excess of 20 per cent for the year to date in a show of strength for one of HiQ’s most successful business partners.
Broadway’s operations director Gary Oliver said that the results and expansion news was testament to the hard work that each centre had been putting in.
He said: “We have long believed in a ‘local hero’ approach to trading, where each of our centre managers assume a position of trust and integrity within each community.
“Backed by the national strength of the HiQ brand, we have been able to achieve some success in 2010. However, we must keep striving to maintain and even improve on our results, which is what we will be doing.”
HiQ Grays has been transferred from P & R Tyres and is a centre that Gary believes is in a perfect location to drive customer reach and footfall.
The purpose built store in London Road is fully equipped offering a complete service in tyres, exhausts, brakes, batteries, shocks and MOT testing.
Gary added: “There has always been a strategy in place to expand and Grays presented the right opportunity.
“This latest investment will no doubt have great impact upon the franchise and our establishment in the area.”
Meanwhile, Broadway’s business figures have been replicated by the HiQ network as a whole.
Year-on-year turnover has risen by 7.4 per cent, while gross profit increased by a double digit figure for the same period.
Gross profit for tyre sales alone increased to 5 per cent compared to 2009, while footfall to the network’s 145 centres rose by 8 per cent.
HiQ’s retail director Juergen Titz said the impressive performance was testament to the living partnerships between HiQ and their network of franchisees.
He said: “These results continue to prove that our entrepreneurial approach, coupled with a franchise concept, is working well.
“Broadway Tyres are a perfect example of this and we are delighted to see their performance and growth.”