Foray Motor Group directors have an extra reason to celebrate this Christmas after paying off a multi-million pound start-up loan ahead of schedule.
The company was formed at the turn of the millennium following a management buy-out of Edwards Ford in Salisbury and Andover Ford, along with the purchase of Ford dealerships in Taunton, Bridgwater and Yeovil, all on the same day.
It now has 10 dealerships, all Ford.
Foray managing director Chris Yoxon commented: “Our initial start-up funding from Ford was a £5m loan and we have just paid off the final tranche.
“We have also been well supported by Royal Bank of Scotland, which has helped us with funding, providing a working overdraft facility and various property mortgages.
“It has been hard work but the confidence from the management team, combined with commitment from staff and support of loyal customers, has demonstrated that it is possible to achieve a great outcome, even in the toughest market imaginable.”