Motoring.co.uk plans fast growth with £500k loan

MOTORING website Motoring.co.uk has secured a £500,000 loan from the Greater Manchester Loan Fund (GMLF).

The business started as a classified site in 2007 but has grown to include content, information and other services.

The firm, based in Manchester, is now focusing on a new portal called MyMotoring which will use social media with the aim of becoming a central hub for motorists.

It plans to use the cash to support MyMotoring, the existing website and for working capital.

Motoring.co.uk was founded by Terry Hogan and Chris Green who sold 51% to Henbury Holdings in 2008. The loan has been made by Maven Capital Partners, the fund manager for the GMLF.

Mr Hogan said: “We genuinely believe that MyMotoring could be market–changing, as it delivers such a substantial improvement in the user experience when compared to current products. The very best online businesses like Amazon or LinkedIn put the consumer at the centre of their businesses, and we aim to do the same, making motoring easier for millions of consumers.

“This funding is crucial in allowing the launch to be significantly accelerated, for us to capitalise on our market-leading position. We have chosen the right partner in Maven, and we look forward to working closely with them on our future plans.”

The GMLF was established by the Association of Greater Manchester Authorities to support businesses when bank lending dried up.

Scott Sands, partner in the corporate team at Mills & Reeve, advised the company. Cowgill Holloway carried out financial due diligence, and Gateley provided legal advice to the GMLF.