A North Tyneside car dealership is revving up for New Year expansion after purchasing its premises and acquiring further space in which to grow.
Oakwood Specialist Cars is creating a 4,000 square foot indoor showroom, extending its existing workshop along with a dedicated valeting area next to its existing premises on the Foxhunters Trading Estate in Whitley Bay as it looks to increase its current turnover of around £5m.
Established in 2005, Oakwood is an RAC-approved dealership specialising in sports cars, performance diesels and 4X4s which are hand selected from across the UK.
The 12 year-old business currently employs ten people, and is expecting to create a number of new jobs as it expands.
Funding for the project was provided by Barclays, while Gosforth-based RMT Accountants & Business Advisors advised Oakwood Specialist Cars through the execution and completion of the deal.
Michael Miller, owner of Oakwood Specialist Cars, says: “I have been steadily growing the business and attracting new customers over the years, but have always wanted to own the premises.
“It’s been fantastic to have the opportunity to both purchase the premises we previously rented alongside 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, while RMT’s expert guidance enabled us to complete the process swiftly and efficiently.”
Paul Smith, Relationship Manager and Matthew Heaton, Business Development Manager of Barclays worked with Anthony Andreasen of RMT Accountants and Business Advisors to put together the funding package for the deal.
Anthony Andreasen says: “Oakwood Specialist Cars has a strong position in a niche market, and the management team has shown real ambition in looking to maximise the potential that the business has for further growth.”
Paul Smith adds: “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.”