Luscombe targets growth with acquisitions
LUSCOMBE Motors is on a path of growth after acquiring another dealership in Leeds with the support of £500,000 funding from Yorkshire Bank.
The Leeds-based motor group has added Mitsubishi to its range after buying a franchise from Robert Bowett Motoring.
Renamed Luscombe Mitsubishi Leeds, the newly-acquired dealership is adjacent to Luscombe Suzuki, recently acquired by the group.
Luscombe Motors has doubled its workforce from 18 to 36 after retaining all existing Mitsubishi staff.
The £500,000 funding, arranged by Phil Shearstone at Yorkshire Bank’s Business and Private Banking Centre in Leeds, has also allowed the company to purchase the existing freehold premises which its Suzuki dealership occupies.
Managing director, Robin Luscombe, said: “I found the whole process of securing funding and support to make the acquisition happen very easy. The team at Yorkshire Bank took the time to develop an understanding of my business and got the deal completed within the timescale required.”
The company received financial and tax advice from motor trade specialist accountancy firm ASE and James Dunn, from Keighley and Skipton-based solicitors, AWB Charlesworth, advised on the transaction. Company and commercial law matters were dealt with by Andrew Holland of Andrew Holland Law and Umberto Vietri; a partner of AWB Charlesworth.
