Mill Garages secure refinancing for growth

One of the region’s most prominent car dealership brands, Mill Garages, has secured refinancing to allow room for future growth.

The Scotswood Road-based business which specialises in new and used Volvos from North East and North Yorkshire bases has joined Barclays as it expects to reach £100 million turnover this year.

Mill has experienced strong sales over the last year, particularly of Volvo’s latest small hatchback - the V40 model. Overall sales increased by 6% from £85.7 million to £90.6 million.

Bill Ward, managing director of Mill Garages North East Limited said: “We are delighted to be joining Barclays following a fantastic 2013 and a great start to 2014. Barclays’ presence in our region has grown really strongly and they give confidence that they will remain committed to our industrial sector during good times and bad.

“We continue to plan for growth and are excited by the increasing popularity of the Volvo range with its sleek design and class leading engines. The range is also set to be revamped with the new XC90 being launched next year. Therefore it was important that our banking partner understood our plans and were able to support us achieve them.

“The new funding will assist with our medium to long term growth plans and provide the flexibility for the seasonal new registrations which we experience.”

The Mill Garage brand has operated across the North East since 1965 and this was incorporated into the new company launched in 2008 by Bill Ward and Chairman Bob Nicholson.

Julian Batson, relationship director at Barclays said: “We’ve been following the success of the newly created business since the MBO five years ago and it’s great that we can support the business with their growth plans going forward.

“The support we’ve been able to provide will see the group well positioned for further progress within their market and confirms our continued desire to support local businesses in the North East area.”

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