Metro Bank is to lend an additional £11 million to Portsmouth-based Richmond Motor Group to assist it with its acquisition of two motor dealerships, Sparshatts of Botley & Sparshatts of Fareham.
The deal makes Richmond Motor Group one of the largest independent motor dealerships in the UK. The group has a projected turnover of around £200m and adds Skoda, Mitsubishi & Suzuki brands to its offering. Additionally, Metro Bank has done the motor group’s full transactional banking since January 2018.
Mark Stokes, managing director, commercial banking at Metro Bank, said: “We are thrilled to be supporting Richmond Motor Group in its acquisition of two new motor dealerships. Our unique customer-focused approach has allowed us to develop another tailor-made funding solution, which will allow the group to go from strength to strength and enable the business to drive forward its operation and expand. We look forward to working with them in the years to come.”
Richmond's founder Michael Nobes added: “Richmond Motor Group is all about Driving Excellence. Our shared vision with Metro Bank enables Richmond to bring its unique forward-thinking philosophy to new brands as we continue to put our customers’ needs at the heart of everything we do."
Richmond Motor Group now has six sites across the south coast, and prides itself on stocking a vast range of quality vehicles; used cars, nearly new cars, and cars straight from the manufacturers, including, Hyundai, ŠKODA, Citroen, MG, Suzuki, Mitsubishi, and DS Automobiles.