Motorsave plans growth after refinancing

CREWE-based car dealer Motorsave Direct has completed a refinancing deal with the Co-operative Bank.

The Co-op’s South Manchester Corporate Banking Centre refinanced an existing Barclays mortgage and provided an additional facility to help fund the firm expansion plans. The value of the deal was not disclosed.

Phil Nuttall, Motorsave’s managing director, said: “Securing extra funding will assist in taking the business to a much higher level, The Co-operative Bank fully understand the requirements of a high turnover business.”

The company has just completed a £250,000 refurbishment to its showroom and sales area and can now accommodate up to 150 cars. With new valeting bays and workshop facilities the company is aiming to sell more than 100 cars a month.

Ian Heesom, senior development manager at The Co-op’s Altrincham office, said: “Phil came to us with an impressive business plan and we are confident the company will continue to go from strength to strength.”