Sandicliffe Motor Holdings has revealed that it is eyeing “growth opportunities across the East Midlands region” after securing an £11m funding facility from Lloyds Bank Commercial Banking.
The Leicester-based dealer group, which currently represents Ford, Skoda, Nissan, Kia and Mazda across the region approached Lloyds for a revolving credit facility to support the development of new FordStore on Abbeyfield Road in Nottingham.
The cash will also support the recruitment of additional staff and investment funds for future development plans, Insider Media reported.
Darren Beddard, group finance director at Sandicliffe Motor Holdings, said: "We are a family-run business, and have established a trusted reputation locally and nationally since starting almost 70 years ago.
“We have achieved this through continued hard work and offering our customers the best service and vehicles possible.
“The funding from Lloyds Bank has given us the capital needed to help our day-to-day cash flow needs, and look for other growth opportunities across the East Midlands region."
Matt Vincent, relationship director for mid-markets in the East Midlands at Lloyds Bank Commercial Banking, added: "Sandicliffe Motor Holdings is a flagship name in the automotive sector across the East Midlands, and Lloyds Bank has been pleased to have become the new banking partner for the business.
"This latest funding package underlines our commitment to helping Britain prosper by supporting ambitious businesses like Sandcliffe Motor Holdings as they bolster the local and national economy."