Seven-figure funding deal to fuel motoring business expansion
Wakefield-based motoring business, RJTK Investments, has received a seven-figure funding package from Barclays.
It will support the company’s expansion plans with the refinance of existing term and working capital facilities, alongside funding to help finance the group’s growth strategy.
Established in 1998, RJTK Investments is the parent company of a group of motor retail companies operating across the North West and East Midlands areas of England.
The group started as an independent, family-run business with a single Vauxhall site.
Robin Wilson and his leadership team have since grown the business, which now operates across 10 sites in locations including Bolton, Scunthorpe, Grimsby, Louth, Boston and Grantham, with another two locations due to go live between now and the end of 2023.
The group currently represents a range of leading brands including Vauxhall, Kia, Suzuki and Maxus.
Tom Wilson, commercial director, RJTK Group, said: “Through our initial discussions with Joe and his team, it immediately became clear Barclays would be the perfect partner for the group as they were aligned with and supportive of our future growth strategy.
“The motor industry has experienced rapid change over the last two years and our agile structure has meant we have been able to adapt quickly whilst growing the business with existing and new manufacturer partners.
“Our new relationship with Barclays will allow us to continue this growth and capitalise on opportunities that fit within our business model.”
RJTK Group employs over 330 people across the North West and East Midlands, with turnover for the business expected to exceed £140m for the current year and further growth expected in 2023.
Joe Reid, Barclays business development director, and Jag Singh, Barclays relationship director, put together funding for the deal.
They said: “RJTK is an excellent business, underpinned by an experienced, established management team that has grown the business to be one of the region’s top performers.
“We have been impressed with the market knowledge and ambition of the business since our first meeting. We look forward to a long and successful relationship supporting their continued success.”
