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Cash injection helps Tyneside Autoparc plan for growth

Used-car supermarket Tyneside Autoparc is growing its business after securing a £1.6 million financing deal from Santander Corporate Banking.

Tyneside Autoparc acquired the 10 acre Sandy Lane premises in 2003, converting it from its previous use as a coal depot.

The next phase of the development will see the company recruit its own sales force to operate the site - a move away from its current model of leasing space to independent retailers.

It also plans to expand the range of cars on sale to include high-quality nearly new vehicles.

The Newcastle-based group will now manage all sales at the Sandy Lane site, creating 35 new jobs. The company is also extending opening hours until late in the evenings, and expanding its car financing arm.

Geoff Dawson, Tyneside Autoparc director, said: "Due to the current economic climate, demand for high-quality nearly-new used cars is high and growing. We believe moving into the sales arena will put us in a position to fill this gap and enable us to further grow our business.

"Santander has demonstrated a thorough understanding of our business and our ambition, really taking the time to get to know how we work as a company and as a sector. I look forward to working with the team further in the future."

Tyneside Autoparc is owned and managed by Geoff Dawson and Phil Creed.

Initially the Tyneside Autoparc will stock up to 600 cars across the broader price range.
 

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