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Barclays funding fuels ownership dream at Whitley Bay car dealership
Posted by Jamie Hardesty on 05 Jan 2017
Oakwood Specialist Cars in Whitley Bay has purchased its own premises, following backing from Barclays.
The RAC approved dealership, established in 2005, specialises in sports cars, performance diesels and 4X4s with good service history and low mileage.
Located at Foxhunters Trading Estate, Oakwood employs ten locally and turnover is expected to reach in excess of £5m this year.
Michael Miller, owner of Oakwood, said has been steadily growing the business and has always wanted to own the premises.
He revealed: “It’s been fantastic to have the opportunity to both purchase the premises we previously rented together with additional premises for growth.
“The purchase will allow us to extend the showroom and workshop facilities and with the new Aldi being built on our doorstep, I’m sure the area is on the up.
“Barclays has been very supportive and has the capacity to understand fast growing businesses that need quick decisions and sound advice.“
Paul Smith, Relationship Manager and Matthew Heaton, Business Development Manager of Barclays worked with Anthony Andreasen of RMT Accountants and Business Advisors Ltd to put together the funding package for the deal.
Paul said: “It’s great to see a local business expanding for the future and Michael has certainly got the knowledge and the ambition to take the business to the next level.
“Oakwood Specialist Cars is a fast growing business and we look forward to supporting Michael as he innovates for the future and continues to grow his expanding customer base.“