Metro Bank helps drive Richmond Motor Group forward
Metro Bank, known for its exceptional customer service, is pleased to announce its recent commercial partnership, lending an additional £11m to Richmond Motor Group to assist it with its acquisition of two motor dealerships, Sparshatts of Botley Ltd & Sparshatts of Fareham Ltd on the south coast of England. The deal, which was finalised in July, makes Richmond Motor Group one of the largest independent motor dealerships in the UK. The group has a projected turnover of around £200m and adds Skoda, Mitsubishi and Suzuki brands to its offering. Additionally, Metro Bank has done the motor group’s full transactional banking since January 2018.
Mark Stokes, managing director commercial banking, at Metro Bank says: “We are thrilled to be supporting Richmond Motor Group in its acquisition of two new motor dealerships. Our unique customer-focused approach has allowed us to develop another tailor-made funding solution, which will allow the group to go from strength to strength and enable the business to drive forward its operation and expand. We look forward to working with them in the years to come.”
Richmond’s founder, Michael Nobes added: “Richmond Motor Group is all about driving excellence. Our shared vision with Metro Bank enables Richmond to bring its unique forward-thinking philosophy to new brands as we continue to put our customers’ needs at the heart of everything we do.”
Richmond Motor Group now has six sites across the south coast of England, and prides itself on stocking a vast range of quality vehicles; used cars, nearly new cars, and cars straight from the manufacturers, including, Hyundai, ŠKODA, Citroen, MG, Suzuki, Mitsubishi, and DS Automobiles.
Metro Bank offers tailored commercial banking services, a common-sense approach to lending and a range of cash management solutions. Customers are supported by a dedicated team of relationship managers, who provide expert and industry-specific guidance across the healthcare, hospitality and leisure, property, charities and not-for-profit, inward investment and financial services sectors.
