A new funding package from Lloyds Bank Commercial Banking looks set to secure the growth plans of Richard Hardie Ltd.
The Sunderland based car dealer hopes to continue on a positive trajectory with the help of its new banking partners at Lloyds Bank’s Newcastle branch.
Founded in 1972, Richard Hardie operates sites in Durham, Sunderland, Ashington and Silverlink, selling New Peugeot and Fiat and used cars, alongside servicing and parts.
The business employs 100 staff and recorded a £47 million turnover in 2014.
Philip Hardie, managing director at Richard Hardie Limited, said: “We’re pleased to be working with the Newcastle team of Lloyds Bank, who demonstrated a real understanding of family businesses in the region and how the automotive sector operates.
“We’re committed to providing fuel-efficient and environmentally friendly cars that are affordable, and we will continue to adapt alongside market trends, and the needs of our customers. Our new banking arrangements will give us sufficient flexibility to do just that.”
Alison Smith, relationship director at Lloyds Commercial Banking, said: “The brands supplied by Richard Hardie including Peugeot and Fiat continue to remain popular within a buoyant automotive marketplace which shows no signs of slowing.
“The business is perfectly placed to build on its previous success, backed by strong family heritage and an impressive management team.
“We’re looking forward to supporting the business in its next stage of growth as such a significant business in the North East.”