Sytner's owner Penske Automotive Group has gained a £110 million credit facility from the Royal Bank of Scotland and BMW Financial Services, that the US company says, will be used in the UK to fund growth.
David K. Jones, executive vice president and chief financial officer for Penske Automotive Group, said: "The new credit facility will be used for working capital, acquisitions, capital expenditures, investments and general corporate purposes and replaces an existing £102 million credit facility with the Royal Bank of Scotland that was scheduled to mature in November 2013.”
“The new credit facility in the UK provides sufficient capital to support continued growth and flexibility in the UK and demonstrates the confidence of our financial partners in the business model.”
Penske Automotive Group, based in Michigan, operates 321 retail automotive franchises, representing 42 different brands and 28 crash repair centers in the US, Germany, UK and Puerto Rico.
Since 2002 Sytner has been owned by the Penske.
Penske has 172 franchises in the US and Puerto Rico and 155 internationally, mostly in the UK.