Wessex Garages managing director Keith Brock is moving banks to increase his dealer group’s working capital after its previous bank was unhelpful with funding for its expansion plans.
The £84 million turnover group has outlets in Bristol, Cardiff, Gloucester and Newport and had been with Lloyds TSB for 25 years before the move.
Keith Brock, managing director of the dealership, explained: “The Government has told the banks to pass on cash to help businesses grow and stimulate the economy but some aren’t doing this and it’s very frustrating.
“We were very disappointed that our previous bank, Lloyds TSB, was unable to increase our lending within the existing framework, especially as our sales on used cars have gone up by 44% and new cars by 20% in the last six months.
“Our sales for March went up by 41%, which is when we realised we needed a greater investment and increased cash flow. Lloyds TSB wanted to add draconian charges for us doing well.”
Wessex has decided to move to Barclays in continue its expansion plans which will need greater working capital, particularly in peak business months.
Wessex Garage's gearing, capital, debt and equity standing since 2002. Source: AMi