Tuesday, August 16, 2022

Seven figure funding deal for retail motoring business

A group of Motor Retail Companies operating across the East Midlands and North West areas of England has received a seven figure funding package from Barclays to support their expansion plans with the refinance of existing term and working capital facilities alongside funding to help finance the group’s growth strategy.

RJTK Investments, was established in 1998 as an independent, family run business with a single Vauxhall site and has since grown to employ over 330 people across the East Midlands and North West. The company now boasts 10 sites in locations including: Louth, Boston, Grantham, Scunthorpe, Grimsby, and Bolton, with another 2 locations due to go live between now and the end of 2023. The group currently represents a range of leading brands including Vauxhall, Kia, Suzuki and Maxus.

Tom Wilson, Commercial Director, RJTK Group, said: “Through our initial discussions with Joe and his team, it immediately became clear that Barclays would be the perfect partner for the group as they were aligned with and supportive of our future growth strategy. The motor industry has experienced rapid change over the last two years and our agile structure has meant we have been able to adapt quickly whilst growing the business with existing and new manufacturer partners. Our new relationship with Barclays will allow us to continue this growth and capitalise on opportunities that fit within our business model.”

Turnover for the business is expected to exceed £140million for the current year and further growth is expected in 2023.

Joe Reid, Barclays Business Development Director, and Jag Singh, Barclays Relationship Director put together funding for the deal and said: “RJTK is an excellent business, underpinned by an experienced, established management team that have grown the business to be one of the region’s top performers. We have been impressed with the market knowledge and ambition of the business since our first meeting and are delighted to have been able to support Tom and the Management Teams’ exciting growth plans. We look forward to a long and successful relationship supporting their continued success.”

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