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.”
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...