Perrys Group has secured a £40 million refinancing from Lloyds Bank Commercial Banking.
The deal will support the development of two new dealerships, in Preston and Chesterfield, following the recent acquisition of five Ford dealerships, in Chesterfield, Mansfield, Worksop, Alfreton and Retford, along with a Kia franchise in Worksop and a Mazda site in Mansfield, from GK Group.
Law firm Hewitsons has worked closely with Perrys Group since advising on the management buyout in 2001, and experts at the law firm’s Northampton office spent two months working on the refinancing deal.
David Browne, a partner in and head of the Northampton corporate team, said: “We are always delighted when our clients prosper, so we were pleased to help secure this refinancing package, which will help Perrys Group to expand significantly as the business goes from strength to strength.
“With its new expansion plans in place, Perrys Group will provide another boost to the local economy in Northampton, showing that the area presents significant opportunities for businesses in 2017.”
Perrys Group, which trades as Perrys Motor Sales, is headquartered in Northampton and has an annual turnover of around £700 million.
It currently operates 52 dealerships from 32 locations in the UK, employing around 1,900 staff.
Hewitsons has offices in Cambridge, London, Milton Keynes and Northampton, together employing more than 120 expert lawyers across a wide range of specialisms.