Garage purchases premises after new financing deal
A RAPIDLY expanding family-run car servicing business in Redditch has purchased one of the premises it operates from after securing a new financing deal.
Woodyard Garage, which completes MOTs and services on cars and small vans, was taken over by Graham Williams and his family in 2006. Originally operating from one garage and unable to provide MOTs, the business expanded into its second rented premises in 2008 to meet demand.
When annual turnover reached £182,000, Mr Williams, who jointly owns the business with his eldest son Richard, approached Lloyds TSB Commercial for a £100,000 loan to purchase the rented premises on Heming Road.
The business, which has 10 employees, also prepares and fixes rally cars for customers. The Williams family owns a Subaru rally car that they race at motorsports events across the country.
Graham Williams said: “When we expanded into our second premises we chose to rent the garage rather than buy it, but as trade has increased, we decided that we would be better to invest in the property to increase the stability and security of the business.
“The support we received when we approached Lloyds TSB Commercial was fantastic. As we seek to expand the business further we will investigate the possibility of purchasing our other garage.”
Phil Larner, relationship manager for Lloyds TSB Commercial, said: “Woodyard Garage has developed a great reputation in the local area through its quality, reliable service to customers that return regularly.
“The company’s approach to Lloyds TSB Commercial for funding to purchase one of its garages reflects the steady development of the business, and the long-term benefits that come with no longer paying rent for one of the premises will be substantial.”
