Supercar specialist gets £6m turbo boost
VR (Elite, Prestige, Supercars) is expanding into Chester with the help of a £6m capital injection from Energize Capital and Alphera Financial Services and management.
VR was founded in Warrington in 2012 by Martin Rylands supported by entrepreneur Steve Hibbert and has grown from nothing to £14m turnover with 13 staff providing clients with independent advice on elite prestige and supercars. VR also expanded into Leigh, near Wigan after opening a new site in 2014.
The new Chester site is at Two Mills Garage in Ledsham and will stock up to 150 cars. VR expect turnover to grow to £24m and headcount to increase to 25 in the next 12 months. Chartered Accountant and founder of Energize Capital Jeremy Carr will join the board of VR.
Carr said: “I am looking forward to joining a young dynamic local company with such a highly driven management team who are keen to take advantage of Steve Hibbert’s and my own experience to grow their business.”
Managing director Rylands said: “We are delighted to welcome Jeremy on to our board. The new Chester operation and investment will allow us to stock more cars providing our clients with an even better service.”
Chairman Hibbert added: “Martin has sold me many cars over the years and he always delivered excellent service.
“When he presented the business plan to me in 2012, I backed it immediately as the passion, flair and determination to succeed was evident their attention to detail and compliance procedures are first class.
“For me investment is simple, I back good people with a solid business plan, and the guys have exceeded their targets year on year which has attracted a key addition to the main board in Jeremy. We are looking forward to benefitting from the financial experience and connections that Jeremy will bring to the business.”
