Member Article

North East car dealer secures Lloyds funding package

North East car dealer Richard Hardie has landed funding from Lloyds Bank Commercial Banking, enabling the family owned business to continue to capitalise on growth in both the new and used car markets.

Founded in 1972, Richard Hardie operates four sites in Durham, Sunderland, Ashington and Silverlink, selling New Peugeot and Fiat and used cars, alongside servicing and parts. It has been an official Peugeot main dealer in the North East for more than 30 years.

Provided by the Lloyds Bank Mid-Markets team in Newcastle, the package is made up of a commercial mortgage and day to day banking facilities.

Philip Hardie, Managing Director at Richard Hardie Limited said ‘We’re pleased to be working with the Newcastle team of Lloyds Bank, who demonstrated a real understanding of family businesses in the region and how the automotive sector operates“.

“We’re committed to providing fuel-efficient and environmentally friendly cars that are affordable, and we will continue to adapt alongside market trends, and the needs of our customers. Our new banking arrangements will give us sufficient flexibility to do just that”.

Alison Smith, Relationship Director at Lloyds Commercial Banking, said: “The brands supplied by Richard Hardie including Peugeot and Fiat continue to remain popular within a buoyant automotive marketplace which shows no signs of slowing.

“The business is perfectly placed to build on its previous success, backed by strong family heritage and an impressive management team. We’re looking forward to supporting the business in its next stage of growth as such a significant business in the North East.”

The firm employs around 100 people in the North East.

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