Morgan Motors increases dealership ties after HSBC funding deal
MORGAN Motor Company, the UK’s only remaining British-owned sports car manufacturer, has received £2m from HSBC’s Corporate Banking team in the Black Country to support its stocking fund.
The stocking fund enables the Malvern-based business to display finished cars on dealer sites for customers to test drive, helping boost sales and increase the number of dealerships it works with.
The new fund, arranged by relationship director Darren Morris, will help Morgan grow its business. The loan has helped Morgan’s increase the number of dealers using the facility in the UK and Europe to 22, boosting sales by approximately 30% in the UK.
Mark Ledington, sales and marketing director at Morgan, said: “This funding from HSBC is enabling us to provide a more flexible loan arrangement with our dealers, which in turn allows more car enthusiasts to purchase our bespoke sports cars.
“HSBC has been instrumental in helping us achieve our goals and we look forward to their continued support.”
Paul Turk, HSBC’s area director corporate banking in the Black Country, Shropshire, Hereford and Worcester, said: “I am pleased we have been able to strengthen our relationship with one of Britain’s classic car makers.”