10:22 pm, October 27, 2010
VERTU Motors has received a £25m debt and acquisition facility from Barclays Corporate to support future growth plans.
Originally formed in 2006, the Gateshead-based company is the 8th largest motor retailer in the UK following several high profile acquisitions.
Vertu Motors’ finance director Michael Sherwin (right in picture), said: ‘Barclays have been very supportive of our requirements and play an integral part in our plans for future growth.
‘With the new financial structure in place, we are now able to focus on further acquisitions. We intend to be pro-active in taking advantage of the opportunities the current climate presents.’
Barclays Corporate Director David Brind (left in picture), said: ‘Having a close relationship with the company’s management team and having a thorough understanding of their industry and markets, has enabled us to structure a refinance solution that fits well with the company’s strategic plans and we look forward to helping the company expand and grow.
‘Barclays Corporate remains committed to the North East business market and this deal highlights our appetite to support quality customers in a tough market.’
by JAMES BATCHELOR
