Car dealership giant expands with £39m deal
A franchised car dealership group has secured a £39m refinance package from Lloyds Bank Commercial Banking to support the acquisition of seven new sites across the East Midlands and build two new dealerships.
Perrys Group operates 52 sites across 32 locations in the UK, selling a variety of new and used cars representing a variety of popular car brands.
The company wanted to enhance its presence in the East Midlands, and securing the funding package from Lloyds Bank has enabled it to buy five Ford dealerships in Chesterfield, Mansfield, Worksop, Alfreton and Retford; a Kia franchise in Worksop, and a Mazda site in Mansfield.
The funding has also supported the building of two new dealerships in Chesterfield and in Preston.
Perrys Group is headquartered in Northampton has an annual turnover of £700m and employs 1,900 people across its dealerships.
Ken Savage, chairman of Perrys Group, said: “We’ve seen an increased demand for cars across the UK, and this series of acquisitions in the East Midlands has allowed us to add seven successful dealerships to our portfolio that can help customers with their motoring needs.
“We first dealt with the team at Lloyds Bank after they helped us complete a management buyout back in 2001, and they clearly understand the direction we want to take the business. We look forward to working with them again as our business continues to grow across the UK.”
Steve Lyon, relationship director at Lloyds Bank Commercial Banking, said: “UK car sales hit a new record last year resulting in a hotspot of opportunities for dealerships like Perrys Motor Sales.
“We’re committed to supporting ambitious mid-market businesses like Perrys Motor Sales that are looking to deliver long-term sustainable growth, by providing them with tailored solutions and lending options to help them realise their growth ambitions.”
