A car dealership is revving up for 2017 with big expansion plans.
Oakwood Specialist Cars has acquired additional space to create a 4,000sq ft indoor showroom, extending its existing workshop along with a dedicated valeting area next to its existing premises on Foxhunters Trading Estate in Whitley Bay.
Established in 2005, the business currently employs 10 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 through the execution and completion of the deal.
Michael Miller, owner of Oakwood Specialist Cars, said: “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.
“Barclays has been very supportive 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 said: “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 added: “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.”