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Dixon ready for online initiative

Dixon Motors, now backed by £65m from a syndicate of banks, was this week expected to reveal a major internet initiative.

Chief executive Paul Dixon said the group had severed its links with Virgin after months of negotiations. “We will soon announce an involvement with another company,” he said.

The Royal Bank of Scotland has led and arranged a syndicate of six banks providing cash “to support a three-year growth strategy”, said a spokesman.

Mr Dixon said: “We have no immediate plans for major acquisitions in the near future. For now, we are concentrating on building profits from our existing network of dealerships.”

The Royal Bank's Leeds-based motor team introduced Dixon Motors to the syndications market during the Carnell acquisition in 1997.

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