Metro Bank has provided Auto Capital with over £9m of funding to help the latter to grow its business.
The supplier of used commercial vehicles has used the debt facility to acquire new premises for its indoor van showroom in north London, which features over 300 vehicles.
Working capital facilities have also been provided to support Auto Capital’s day-to-day business operations and to help finance new stock.
Sulieman Adam, founder and managing director at Auto Capital, said that Metro had been key to its success.
“The team has been highly professional and offered us flexible terms and rates that very few banks can compete with.
“The best thing about working with Metro Bank is the support you receive from the team, [which] truly wants to help you achieve your goals.
“We're excited to strengthen our relationship with Metro Bank and work on even more projects in the future.”
Mark Stokes, managing director of commercial banking at Metro Bank (pictured above), said it was delighted to have helped Auto Capital with the purchase of its new premises in Stanmore.
“Since it launched in 2007, Auto Capital has made its mark as a strong-performing trading business, providing quality commercial vehicles across the UK.
“We look forward to assisting with [its] continued growth over the years to come.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Customers pay nearly £500 more than the advertised personal loan rate
Customers paying for an £8,000 personal loan over four years have paid on average £453 (2.61%) more than the advertised rate, according to the latest research...
Leek United appoints new Ashbourne branch manager
Leek United has appointed Abigail Bowden (pictured above) as the new manager of its Ashbourne branch in Derbyshire...
UTB enters specialist remortgage market
United Trust Bank (UTB) has launched a new residential remortgage product range...
FCA fines Bank of Scotland £45.5m for failing to report fraud suspicions at HBOS Reading
Bank of Scotland (BOS) has been fined £45.5m by the FCA for failing to disclose information about its suspicions of fraud...
N26 introduces MoneyBeam to UK users
N26 has introduced MoneyBeam to its UK users which will enable them to instantly send money to other users of the mobile bank...
NatWest names new CEO for Mettle
NatWest has named Marieke Flament (pictured above) as the CEO of its SME digital banking subsidiary Mettle...
CYBG to rebrand as Virgin Money and launch a new business current account
CYBG has revealed that it will rebrand to Virgin Money over the next two years with new Virgin Money-branded products...
New bank Chetwood Financial reveals long-term ambitions
Chetwood Financial is aiming to use technology to offer better deals to customers, having secured a banking licence late last year...
The opportunity for accountants to help businesses
In light of bank and building society branch closures, a new report published by Oxford Economics in partnership with Funding Circle has revealed that in the UK — despite the vast economic output generated by SMEs — small business lending accounts for only 2% of banks’ balance sheets...
Paragon Bank’s structured lending team passes £100m milestone
Paragon Bank’s structured lending team has passed its £100m milestone 18 months after launching...
Hanley Economic expands intermediary support team
Hanley Economic Building Society has appointed Kate McKeon (pictured above) as an intermediary sales assistant...