group Ringways has received £15m in new funding from Bank of
Scotland Dealer Finance (BoSDF), it was announced, as part of a
restructuring of its funding package.
The Leeds office of Bank of Scotland Commercial Business and the
BoSDF team worked together to create the package, the bank said,
which will give Ringways “greater flexibility and lower borrowing
costs”.
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Gwyn Jones, associate new business director at Bank of Scotland
said that the restructuring process was facilitated by the bank’s
“one-team approach”, which helped to provide a “real understanding
of the dealer’s needs, trading trends and the kind of business they
are in.”
Stephen Russell, group managing director of the northern retail
chain commented: “[To] deliver sustainable growth with profits
year-on-year we had to look to a funding partner who understands
the difficulties of the peaks and troughs of the motor industry
and, critically, a funder that came with an integrated approach to
retail finance.
“This project has taken four months from start to finish, which
is a true testament to our long term commitment to work
together.”
Motor Finance Issue: 42 – April 08
by Jo Tacon ,
Published for the web: April 23 08 11:39
Last Updated: April 24 08 15:34
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