Vehicle remarketing specialist secures £13.8m funding package
YORKSHIRE’S SMA Vehicle Remarketing, one of the UK’s largest independent vehicle remarketing groups, has switched all of its banking facilities to Lloyds Bank as part of a new £13.8m funding package.
The company, which has its headquarters on Cross Green Business Park in Leeds, provides car and van remarketing services to the UK’s motor retailers and leasing providers.
Under the agreement, Lloyds Bank Commercial Bank alongside its Strategic Finance team, has provided a new term and revolving credit facility to the business.
The term loan has been used to assist SMA Vehicle Remarketing consolidate its two trading businesses into one enlarged group, providing a stronger balance sheet and simplified structure.
In recent years, SMA Vehicle Remarketing has invested in new locations, improving and extending its existing sites, an enhanced range of online services, as well as upgrades to its refurbishment and repair capabilities.
The business, which operates from Birmingham, Kinross, Edinburgh and Newcastle, in addition to its Leeds headquarters, has a turnover of £30m and 500 employees.
David Seabridge, group financial director, said: “It makes sense for us to move to a single banking relationship, consolidating the facilities for all parts of the business.”
Phillip Simpson, relationship director at Lloyds Bank Commercial Banking, said: “We have been impressed by the quality of the SMA Vehicle Remarketing ownership and management team. They have carefully grown and improved the business which is going from strength to strength under their management. It is great to support a progressive business with this important financing and is positive example of Lloyds Commercial Banking providing increased funding to UK Business”.
Kris Keen, associate director, Lloyds Strategic Finance, added: “SMA Vehicle Remarketing is a strong performing business with whom we are delighted to provide increased funding to support their ongoing strategy, as well as reaffirm our commitment to support UK businesses. In providing a tailored funding solution, we have enabled the management team to deliver their consolidation objective.”
