Benfield Motors Revs up with a New Refinancing Package
Major UK company Benfield Motor Group has secured a £40m funding package which will result in the development of three new dealerships and creation of 20 jobs across the business by 2015.
Muckle LLP’s Louise Duffy and Kevin Maloney advised Benfield Motor Group, a major UK motor retailer, on substantial new revolving credit and overdraft facilities forming part of a £40m funding package. The facilities refinanced existing funding and will support Benfield’s future capital investment and growth plans.
Benfield Motor Group is an independent, family-run business which has 34 franchises across the North East, North West and Yorkshire and has plans for growth in the future. Putting in place the new facilities involved negotiation of some complex security and operational matters which ensured that Benfield has sufficient flexibility going forward given its strategic aims. The facilities were provided jointly by Barclays Bank PLC and The Royal Bank of Scotland plc, with the latter continuing their long established relationship with Benfield.
Established in 1957 Benfield Motor Group currently employs 1,400 staff across its operations, In October 2013, the company was ranked 16th in the Sunday Times Grant Thornton Top Track 250 which represents the highest position of the seven North East companies on the list. It represents vehicle brands such as Alfa Romeo, Dacia, Audi, Fiat, Ford, Honda, Kia, Lexus, Nissan, Maserati, Skoda, Renault, Toyota and Volkswagen.
Its new multimillion pound Audi property, located on the old Mary Trevelyan School site, doubles the business’s Audi operations on the road and will be joined by another Audi branch in 2015, this time situated in Sunderland.
Gerard Murray, Group Finance Director, commented “We are delighted to have completed the significant refinancing that supports our plans for the future and demonstrates confidence in our longer term strategy. We received excellent help, support and service from Louise and Kevin throughout the process and really valued their commerciality and responsiveness.”
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