A SOLIHULL headquartered car buying group has secured a finance facility from HSBC UK to support its business during the lockdown period and help drive forward its expansion plans.
Jack Raison Car Group secured a Bounce Back Loan (BBLS) facility from HSBC UK to support its operational costs and mitigate against the impact of Covid-19 during lockdown, after the Group was forced to close its premises in March.
The funding also enabled the business to open a new head office location as well as a staff training centre to support its future growth plans.
Established in 2012 from the CEO’s parents’ house, local car buying service, Jack Raison Car Group now boasts three Midlands branches, including its Tamworth branch at the Ankerside Shopping Centre, which opened in October. Further expansion into the Midlands is planned for early 2021.
Owner Jack Raison said: “When we were forced to close earlier in the year we had to put all of our future plans on hold. The support from HSBC UK really helped to ensure that we were ready to pick-back up straight away when we were given the green light by the Government to do so.
“It’s been a really busy few months for the Group, opening our third branch and recruiting staff to support the increased market demand we’ve experienced.
“We’re hoping to complete on a new 1.4 acre commercial premises later this year, and the continued support I’ve received from the team at HSBC UK, in particular from our Relationship Manager, Daniel Williams, has really given me the confidence to continue to drive our exciting growth plans forward.”
Mark Lupton, from HSBC added: “We were pleased to be able to provide an additional facility to support Jack and his team during a period of great market uncertainty. The business has already seen strong growth over the last few months and we look forward to continuing to work with the Group to help realise its future expansion ambitions.”
