£6.5m funding package to facilitate growth for motor retailer
Motor retailer W R Davies has completed a £6.5m funding package from Barclays, to refinance existing facilities and acquire a new site based at Walton in Stafford.
Headquartered in Shrewsbury with dealerships across Shropshire, Staffordshire and North Wales, W R Davies was established nearly a century ago by William Rees Davies.
The family run business is now headed by the grandson of the original W R Davies – Jonathan Davies and employs 250 staff and exceeds £124m turnover.
Craig Taylor, financial director of W R Davies said: “This is still very much a family run business with customers and employees at the heart of everything we do.
“The financial package from Barclays will allow us to secure jobs and support our sustainable growth plans.
“With 11 dealerships, we are able to offer a range of brands and vehicles to suit every pocket and every customer requirement, which is vital as consumer choice is changing all the time.
“The car sector has seen some real difficulties with supply issues, while the cost of living challenge is forcing dealerships to create ever more innovative value added offers for the cost conscious consumer”.
Scott McDougall, Barclays associate director, said: “It is essential that we support local growing businesses such as WR Davies which are so important in local communities.
“Jonathan is 3rd the generation family member to work in the company and understands the tradition and responsibility that carries.
“By really understanding the sector and the individuals involved, we have been able to create a funding package to support the business throughout the expansion.”