A Yorkshire dealership group’s expansion plans have been given the green light after the firm secured a seven-figure loan from Barclays to support the proposals.
Cars 2 Ltd began life as a single dealership in Barnsley in 2006 but now has locations in Wakefield, Bradford and Huddersfield.
The group represents the likes of Hyundai, Seat, Abarth, Renault, Dacia, MG and Nissan and has big plans for the future.
It has secured finance from Barclays, which will be used to support expansion plans.
The deal sees the refinancing of existing term debt and the acquisition of a previously leased site in Bradford.
Allan Otley, managing director of Cars 2 Ltd, said: ‘Moving our banking relationship to Barclays has enabled us to refinance our existing term debt and provided additional funding to invest in our growth plans for the future.
‘We have been able to purchase a previously leased site in Bradford and have invested in a purpose-built state-of-the art showroom in Wakefield where we’ve been very excited to launch our dedicated prestige sports brand Pure Cars.’
Cars 2 Ltd currently employs more than 160 people and turnover is expected to exceed £80m for the current year.
Even further growth is expected in 2022 and Barclays says it is looking forward to seeing the business grow.
Joe Reid, Barclays business development director, added: ‘Cars 2 Ltd is a superb business that is one of the region’s strongest operators and it’s been a pleasure to be able to support Allan and the team with the management’s ambitious growth plans.’
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