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Expansion moves up a gear as motor group nets £1.8m loan
A MOTOR dealership group is accelerating plans to open new sites and expand in the East of England after securing a £1.8 million loan.
Progress runs five car dealerships selling Suzuki and Škoda cars in Milton Keynes (pictured), Bedford, Northampton, Kettering and Letchworth.
As vehicle production and registration of new cars reach record levels in the UK, the business plans to cement its position as a leading regional car dealership in the East of England.
The funding providing by Lloyds BankCommercial Banking will support the business as it looks to open additional sites in the area.
Since the business was established in 2006, Progress has grown from six members of staff to a workforce of 80 and has hired ten employees in the last six months. The business has an annual turnover of £40 million.
Progress managing director Terence Byrne said: “We have seen an increased demand for affordable cars and fleet sales to businesses have been dominating local sales, which is one of our main growth targets for this year.
“The team at the bank fully got under the skin of our business and our ambitions and we are looking forward to working with them again as our brand continues to grow.”
Derek Neill, relationship director at Lloyds Bank Commercial Banking, said: “Since launching the business in Bedford, Progress has gone from strength to strength. It was announced that 189,505 new cars were registered last month, which is the most in April since 2003, making it an exciting time for the business to enhance its regional footprint as demand in the sector continues its upward trend.
“We are committed to supporting ambitious mid-market businesses like Progress that want to deliver long-term sustainable growth, providing the tailored guidance and support needed to help them prosper and create new local job opportunities.”
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