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Seven-figure auto retail finance deal

A group of auto retail businesses operating in the East Midlands and North West regions of England have received seven-figure funding from Barclays to support their expansion plans with the refinancing of facilities at term and working capital as well as financing to help fund the group’s growth strategy. .

RJTK Investments was established in 1998 as an independent family business with a single site in Vauxhall and has since grown to employ over 330 people across the East Midlands and North West. The company now has 10 sites in locations such as: Louth, Boston, Grantham, Scunthorpe, Grimsby and Bolton, with a further 2 sites expected to be commissioned by the end of 2023. The group currently represents a range of large brands including Vauxhall, Kia, Suzuki and Maxus.

Tom Wilson, RJTK Group Commercial Director, said: “During our initial discussions with Joe and his team, it immediately became clear that Barclays would be the ideal partner for the group as they were aligned with our future growth strategy and supported her. The automotive industry has seen rapid change over the past two years and our agile structure has allowed us to adapt quickly while growing the business with existing and new OEM partners. Our new relationship with Barclays will allow us to continue this growth and capitalize on opportunities that fit our business model.

Revenue for the business is expected to exceed £140m for the current year and further growth is expected in 2023.

Joe Reid, Barclays Business Development Manager, and Jag Singh, Barclays Relationship Manager, raised the financing for the deal and said: “RJTK is a great company, backed by an experienced and established management team who have made the company one of the largest in the region. great performance. We have been impressed with the market knowledge and ambition of the company since our first meeting and are delighted to have been able to support the plans exciting growth opportunities for Tom and the management teams, and we look forward to a long and fruitful relationship supporting their continued success.