Motor group gears up for expansion after Barclays boost
Crewe-based Swansway Motor Group has secured a £16.5m working capital facility from its new banking partner, Barclays, which has refinanced the business to support its continued expansion plans.
Swansway Motor Group is a family-owned and run car business founded in 2003 by Michael Smyth.
With more than 50 years in the motor trade, Michael is chairman and works alongside his three sons, David, John and Peter, all of whom are motor industry born and bred.
The group comprises 21 approved dealership franchises across the North West, North Wales and the West Midlands, covering Abarth, Alfa Romeo, Audi, Citroen, DS Automobiles, Fiat, Honda, Jaguar, Jeep, Land Rover, Peugeot, SEAT, Volkswagen passenger cars and Volkswagen Commercial Vehicles, as well as a state-of-the-art accident repair centre.
Michael Smyth has built and sold many motor dealerships during his 50 years in the sector.
The group has grown significantly over the past few years and now employs more than 1,300 employees with an annual turnover of £780m.
Main board director, Peter Smyth, said: “Swansway Motor Group is a thriving business with a reputation for quality, experience and excellent customer service.
“We pride ourselves on our caring and honest approach and our ability to meet and exceed the needs and expectations of our customers.
“Our extensive product range and the knowledge and professionalism of our staff is key to helping us do this. Our new working relationship with Barclays and the help and advice they give will be key to our business.”
He added: “We are genuinely excited by the prospects for growth in our business and look forward to strengthening our relationship with Barclays as we continue our development in the future.”
Andrew Meadowcroft, relationship director for Barclays in Manchester, said: “Swansway Motor Group is a very successful, fast growing motor group with an excellent track record over the last 15 years.
“The business has proven resilient in a challenging sector and this is a testament to their business model and the quality of the management team.”
