Fast-expanding dealership Perrys Group has announced a £40 million refinancing deal to help it develop two new dealerships.
The investment, obtained from Lloyds Commercial Banking, will be used for two new sites in Chesterfield and Preston. The group, which trades under the name Perry’s Motor Sales, has recently been on the acquisition trail and has added seven new dealerships to its portfolio – five Ford franchises in Chesterfield, Mansfield, Worksop, Alfreton and Retford, plus a Kia dealership in Worksop and a Mazda franchise in Mansfield. The new additions were bought from the GK Group.
You may not be planning a raft of takeovers or securing a multi-million sum to develop your business, but if you are considering expansion, it’s vital to look at your insurance coverage. Changes to your business, either through the addition of new sites or simply a different stocking policy, will have an impact on your motor trade insurance policy.
Perrys, which is based in Northamptonshire, now has 52 sites at 32 locations and employs around 1,900 people. The group has an annual turnover of around £700 million.
It worked with lawyers Hewitsons to secure the refinancing deal with Lloyds Commercial Banking. Hewitsons has advised the company since working with Perrys on a management buyout deal in 2001. The investment deal took two months to negotiate.
Hewitsons partner and head of the Northampton corporate team, David Browne, said: “We are always delighted when our clients prosper, so we were pleased to help secure this refinancing package, which will help Perrys Group to expand significantly as the business goes from strength to strength.
“With its new expansion plans in place, Perrys Group will provide another boost to the local economy in Northampton, showing that the area presents significant opportunities for businesses in 2017.”