Lloyds Bank Commercial has agreed to finance the £39 million expansion plans for Perry's Group car dealership chain.
Perry's Group is hoping to buy seven new sites in The East Midlands and build a further two new sites to bolster its existing empire of 52 sites in 32 locations across the entire country. The chain seeks both new and used cars of a variety of brands.
These latest purchases are expected to include Five Ford dealerships, one Kia dealership and a Mazda dealership. The locations include Worksop, Alfreston, Mansfield and Chesterfield.
A number of car dealership chains are embarking on expansion plans at the moment, reflecting strong sales and demand. However, dealership owners need to ensure they take out the correct motor trade insurance, whether it be traders combined insurance, or road risks only insurance, to cover themselves for any challenges they may face in their new premises.
Ken Savage, the group's chairman, said: “We’ve seen an increased demand for cars across the UK, and this series of acquisitions in the East Midlands has allowed us to add seven successful dealerships to our portfolio that can help customers with their motoring needs.
Perry's employs an impressive 1,900 people and has an annual turnover of around £700 million.
Lloyds explained that lending to Perry's was a no-brainer: “UK car sales hit a new record last year resulting in a hotspot of opportunities for dealerships like Perrys Motor Sales."
It added: "We’re committed to supporting ambitious mid-market businesses like Perrys Motor Sales that are looking to deliver long-term sustainable growth, by providing them with tailored solutions and lending options to help them realise their growth ambitions."