A Wakefield-based group that runs car dealerships across Lincolnshire, Lancashire and Greater Manchester has received a seven-figure funding package to continue its growth.
RJTK Investments Limited has agreed package with Barclays including refinancing of existing term and working capital facilities along with funding.
The firm sells a range of brands including Vauxhall, Kia, Suzuki and Maxus and was founded by Robin Wilson as a family-run business with a single Vauxhall site before growing to include 10 sites across Bolton, Scunthorpe, Grimsby, Louth, Boston and Grantham.
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Another two sites are expected to open by the end of 2023, growing the group which employs more than 330 people and is expected to surpass £140m turnover this year.
The new package was set up by Barclays business development director Joe Reid.
Tom Wilson, commercial director, RJTK, said: “Through our initial discussions with Joe and his team, it immediately became clear that Barclays would be the perfect partner for the group as they were aligned with and supportive of our future growth strategy.
"The motor industry has experienced rapid change over the last two years and our agile structure has meant we have been able to adapt quickly whilst growing the business with existing and new manufacturer partners. Our new relationship with Barclays will allow us to continue this growth and capitalise on opportunities that fit within our business model.”
Mr Reid said: “RJTK is an excellent business, underpinned by an experienced, established management team that have grown the business to be one of the region’s top performers.
"We have been impressed with the market knowledge and ambition of the business since our first meeting and are delighted to have been able to support Tom and the management teams’ exciting growth plans. We look forward to a long and successful relationship supporting their continued success.”
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