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Long-established motor group to refurbish portfolio using Lloyds Bank support PDF Print E-mail
Tuesday, 01 September 2015

A third generation family run car dealership group, headquartered in Welshpool, is accelerating plans to refurbish and expand its garage portfolio after securing a £4.5million funding package from Lloyds Bank Commercial Banking.

WR Davies operates eight garages across North Wales and Staffordshire, selling new and used vehicles from car manufacturers including Ford, Renault, Citroen, Toyota and Nissan, providing commercial van sales and offering a full service and repair facility to customers.
 
After experiencing steady growth in demand for its services, the business wanted to invest in and improve the appearance of its garages and the equipment that it uses, and chose Lloyds Bank as its new banking partner to secure additional working capital.
 
The business is now rolling out an upgrade programme across its portfolio, whilst identifying further opportunities to expand its regional footprint of dealerships in its core geographical areas.
 
Established in 1924, WR Davies has an annual turnover of £94million and employs 249 people across its sites.
 
Jonathan Davies, Managing Director at WR Davies, said: “Our business has continued to go from strength-to-strength as market conditions improve, and in order to build on this success we chose the support of Lloyds Bank to enable the roll out of our refurbishment programme.
 
“We have a longstanding funding arrangement with Black Horse Finance and developed a relationship with the Commercial Banking team over the last couple of years. They have shown commitment to our plans from the beginning and we look forward to working with the team as we continue growing the business.”
 
Paul Williams, Relationship Director at Lloyds Bank Commercial Banking, said: “The car sales market is booming, with a record number of new car sales registered in the first half of 2015 in the UK. As confidence returns to the economy, more people are investing in high ticket items like cars, and WR Davies has seen a steady increase in sales across its dealerships.
 
“We are committed to working with ambitious mid-market businesses like WR Davies and providing tailored funding support to management teams to help them achieve long-term success and help Britain prosper.”
 
Peter Walkden, Account Manager, Motor Finance North West, Black Horse said: “WR Davies has a clear ambition to grow and meet growing consumer demand for good quality cars. We introduced them to our commercial banking colleagues a few years ago as they wanted to expand their business and have a banking provider that understood the market in which they operate. We are excited for them as they embark in their next phase of expansion and are delighted that we will continue to be part of their success story to offer competitively priced finance to their customers.”

(Source - Lloyds Bank Commercial Banking Press Release)
 

 

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