Batchelors of Ripon has revealed plans for expansion after securing a £650,000 funding package from Lloyds Bank.
The family-owned business currently employs 35 staff and has a turnover of £18m and now has plans to hire more staff and to acquire a new site by 2018 as a result of the move to Lloyds, reported TheBusinessDesk.com.
Suzuki dealer Batchelors took on the Mitsubishi franchise in 2015, creating five jobs and increasing turnover by 25%.
Managing director Tony Denton said: “We’ve always been a forward thinking business, as shown by how we have embraced online buying habits and round-the-clock customer service.
“Switching banks and restructuring our finances offers us the working capital to be that bit more forward-thinking and allows us to plan the future of the business.”
Lee Rycraft, relationship director at Lloyds Bank Commercial Banking, said: “By allowing Tony to spend more time on the forecourt and less time supporting the finance team, this deal has already helped Batchelors of Ripon become the leading dealer in the area for Mitsubishi and Suzuki.”