Zuto revs up growth plans with £2.5m Barclays deal

Cheshire-based car finance firm Zuto is looking to support its growth plans with a new £2.5m working capital facility from Barclays.

Zuto, which traded as Car Loan 4U until May last year, was founded in 2006 and today employs more than 300 at its Macclesfield HQ.

Paul Ramsden, the finance director at Zuto, said the firm has developed “a strong relationship” with Barclays.

He commented: “[We needed] a banking partner for the long-term, supportive of our business aims and ambitions.

“The team at Barclays shares our enthusiasm, understands our business and is keen to support our future growth plans as we expand both in the UK and abroad.”

Richard Faulkner, a relationship director for technology, media and telecoms businesses at Barclays Corporate & International, hailed Zuto as a company with a “strong management team” and passionate workforce, which he believes has “enabled them to achieve phenomenal growth in a short space of time”.

He continued: “[Zuto offers] a low friction, online service that is hugely scalable both by category and internationally and we look forward to seeing the business grow over the months and years ahead.”

In June last year, Zuto became the first car finance firm to be accredited by the Financial Conduct Authority.

Zuto also ranked 18th in the Sunday Times’ 2016 list of the best medium-sized businesses to work for.