Newport-headquartered Suzuki and Honda car dealership group Michael Jeffery Limited has secured a £1.5m finance package from HSBC to support its expansion plans.
The company, which trades as Ponthir Suzuki and Honda, has used part of the funding to acquire the Stirling of Hereford Suzuki dealership in Hereford after its former owner retired from the business. The acquisition of Stirling takes Ponthir’s total number of dealerships to four.
The remainder of the finance will be used to grow the 14-strong team, with plans in place to recruit eight new members of staff over the next three months and renovate a 2,400 sq ft showroom at the Hereford site.
The business is expected to bring in another franchise brand once the work is complete, creating further jobs for the local economy.
Mike Jeffery, director of Michael Jeffery Limited, said: “I’ve been working with HSBC since I started the business with just two members of staff in 2001.
“Since then, the bank has been instrumental in helping me grow the number of dealerships I operate, each time putting a tailored finance package in place to suit my requirements.
“This latest venture is no exception and I’m grateful to my relationship director at HSBC, Ashley Charlton, for completing the transaction smoothly and without any delays.”
Warren Lewis, HSBC’s Head of Corporate Banking in South Wales, added: “HSBC is committed to helping businesses across South Wales realise their ambitions, so we are delighted to be able to support Mike and his team with the acquisition of Stirling of Hereford.
“Michael Jeffery has gone from strength-to-strength over the years and we look forward to supporting the business as it continues to grow and contribute to the local communities in which it operates.”
Ponthir represents Suzuki at its sites in Abergavenny, Caerleon and Hereford, while also representing Honda at the Caerleon site.
As well as selling new and used cars, the company also offers customers car servicing and maintenance.
Ashley Charlton has recently joined HSBC as a Relationship Director after seven years at Santander.
Our BQ Bulletin emails will land in your inbox at 7.30am, Monday to Friday, with a mix of the latest local business news, national news, and features to inspire you. Sign up here!
Click here to read our privacy statement