Reading automotive group bags seven-figure funding from ThinCats
Fintech lender for SMEs, ThinCats has backed Reading-based automotive services group, United Car Parts, with a seven figure funding facility.
The space has been designed to enable the business to achieve its plans for multi-service line growth, while the transaction has provided additional working capital for United Car Parts to expand into new service areas.
The funding from ThinCats supports the group’s business strategy, which is focused on the emerging Electric Vehicles (EV) market.
Dipen Pattni, director at United Car Parts, said: “As a progressive business, it is essential to find a lender that understands the dynamics of the sector in which you operate, as well as your business models and future plans.
“From the first meeting, I got the impression that ThinCats were looking beyond the initial transaction to see how they could help us grow over the long term.”
He added: “ThinCats stood out immediately from the banks. Instead of looking at our historical results, they were far more focused on the people and our plans for growth.
“They were very straightforward and commercial in all of our discussions and gave us a clear indication of their commitment to fund our business at an early stage,”
Established in 1991, United Car Parts provides automotive services for business and corporate clients, including the sales of car parts and accessories, vehicle servicing and paint and bodywork services.
The company’s key clients range from major vehicle leasing companies, corporate fleet divisions, business consolidators and corporate facilities management companies and the SME sector.
Dave Sherrington, regional head of sales at ThinCats, concluded: “This transaction sums up what ThinCats is all about in funding forward-thinking businesses and giving them the opportunity to achieve their ambitions through expansion into profitable new areas.
“We are delighted to welcome United Car Parts to ThinCats and are excited about working with them to help them accelerate their growth as they develop their integrated multi-service model framework.”
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