Partner Article

Motorhog acquires new sites with Lloyds Bank funding

A Doncaster-headquartered vehicle recycling company has acquired three new sites after securing an £8m funding package from Lloyds Bank Commercial Banking in Sheffield.

Motorhog Limited, which operates from five locations in Yorkshire, has acquired sites in Peterborough, Newcastle and an additional site in Doncaster. The business also operates from locations in Gloucester and Essex.

The company specialises in recycling parts from written off, unwanted, confiscated and abandoned vehicles. These are sourced from local authorities, police forces and insurance companies and are sold online and at the company’s sites.

Richard Martin, Motorhog’s managing director, said: “The launch of our southern operations in 2011 gave the company a different dimension and helped us to secure several new business opportunities.

“We’re looking to build on this and expand our range of coverage by acquiring more sites in strategic locations across the UK.

“The flexible structure Lloyds Bank provided showed a belief in our business. This support for our acquisition plans was a key factor behind our decision to switch banking providers.”

Ryan Sorby, relationship director at Lloyds Bank Commercial Banking in Sheffield, said: “Motorhog is a business that has strong growth ambitions and a clearly defined plan to help achieve these goals.

“The move to acquire further sites in different parts of the country makes sound commercial sense and should further cement their position as the leading independent operator in this sector.”

Motorhog, which has seen its turnover increase from £2.4m to £24m during the last 12 years, employs 180 staff.

More than 8,000 vehicles are stocked at the company’s 50-acre headquarters in Doncaster.

The company’s other Yorkshire sites include Hull, Leeds, Sheffield and Huddersfield.

This was posted in Bdaily's Members' News section by Mark Lane .