Yorkshire based Cars 2 Limited today announced it has received seven figure funding from Barclays to support their expansion plans with the refinance of existing term debt and the acquisition of a further site in Bradford.
Established in 2006, Cars 2 Limited is a motor dealer group based in West and South Yorkshire and headquartered at Waldorf Way, Denby Dale Road, Wakefield. The Business started as an independent, family run business with a single branch on Pontefract Road near the town centre in Barnsley. Through the dedication, and hard work, they have delivered significant growth year-on-year and now represent some of the world’s leading brands Hyundai, Seat, Fiat, Abarth, Renault, Dacia, MG and Nissan. Locations across Yorkshire include Wakefield, Bradford, Barnsley and Huddersfield.
Allan Otley, managing director, said: “Moving our banking relationship to Barclays has enabled us to refinance our existing term debt and provided additional funding to invest in our growth plans for the future. We have been able to purchase a previously leased site in Bradford and we’ve also invested in a purpose built state of the art showroom in Wakefield where we’ve been very excited to launch our dedicated prestige sports brand Pure Cars.”
Cars 2 Limited employs over 160 people across Yorkshire and turnover for the business is expected to exceed £80million for the current year with rapid growth expected for 2022.
Joe Reid, Barclays business development director, and Sam Drummond, Barclays relationship director put together funding for the deal and said: “Cars 2 Limited is a superb business that is one of the region’s strongest operators and it’s been a pleasure to be able to support Allan and the team with the management’s ambitious growth plans. From our first meeting we were impressed with their sector knowledge and we look forward to a long and successful relationship supporting their continued success.”