Yorkshire car dealer secures seven figure funding from Barclays

Motor dealer Cars 2 Limited has received seven figure funding from Barclays to support its expansion plans with the refinance of existing term debt and the acquisition of a further site in Bradford.
By Ismail Mulla
Published 14th Jun 2021, 16:45 GMT
Driving forward: The firm has invested in a purpose built showroom in Wakefield where it has launched its dedicated prestige sports brand Pure Cars.Driving forward: The firm has invested in a purpose built showroom in Wakefield where it has launched its dedicated prestige sports brand Pure Cars.
Driving forward: The firm has invested in a purpose built showroom in Wakefield where it has launched its dedicated prestige sports brand Pure Cars.

Wakefield-based Cars 2 was established in 2006. It started as an independent, family-run business with a single branch on Pontefract Road near the town centre in Barnsley.

The business now represents some of the leading brands Hyundai, Seat, Fiat, Abarth, Renault, Dacia, MG and Nissan and had locations across Yorkshire including Wakefield, Bradford, Barnsley and Huddersfield.

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Allan Otley, managing director of Cars 2, said: “Moving our banking relationship to Barclays has enabled us to refinance our existing term debt and provided additional funding to invest in our growth plans for the future.

“We have been able to purchase a previously leased site in Bradford and we’ve also invested in a purpose built state of the art showroom in Wakefield where we’ve been very excited to launch our dedicated prestige sports brand Pure Cars.”

Cars 2 employs over 160 people across Yorkshire and turnover for the business is expected to exceed £80m for the current year with the firm expecting rapid growth in 2022.

Joe Reid, business development director at Barclays, and Sam Drummond, relationship director at Barclays put together funding for the deal.

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The relationship director said: “Cars 2 is a superb business that is one of the region’s strongest operators and it’s been a pleasure to be able to support Allan and the team with the management’s ambitious growth plans.

“From our first meeting we were impressed with their sector knowledge and we look forward to a long and successful relationship supporting their continued success.”

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Related topics:YorkshireBradfordHyundaiWakefieldBarnsley