‘Global’ six-figure funding deal enables MBO

A six-figure funding deal from Royal Bank of Scotland has supported a management buyout at Bolton-based car firm Globe Car Sales.

Director Fahim Azhar has acquired the shares of his former business partner, giving him full ownership of the company.

The funding deal with Royal Bank of Scotland means that working capital at the firm will remain unaffected by the buyout, enabling the company to continue to focus on growth and achieving its targeted expansion of 10% this year.

Based on Manchester Road in Bolton, Globe Car Sales was established in 2006 and specialises in the sale of high quality used cars.

The family-run company also offers servicing and MOTs and has an annual turnover of £2m.  Sales are generated from the firm’s own purpose-built forecourt as well as through the internet.

Fahim Azhar, director of Globe Car Sales, said: “I am pleased that I have been able to buy out my former business partner and take control of the company.

“We have developed a successful business over the course of the last ten years and I am looking forward to continuing to expand the company in the future.

“The funding deal that I secured with Royal Bank of Scotland has been excellent and has enabled me to take over ownership of the business without sacrificing our potential for growth.  I have been really pleased with the support that Gavin Elmes has provided.”

Gavin Elmes, senior relationship manager, Royal Bank of Scotland, said: “I am pleased that we have been able to support Fahim with funding for the buyout.  Globe Car Sales is a very reputable local business and one that sees growth and expansion each year.  We are looking forward to continuing to work with Fahim in the future.”