Automotive parts and garage equipment supplier, Andrew Page Group, has secured further funding from its provider PNC Business Credit (PNC).
This comes a year after the group agreed a refinancing deal with PNC and the new funding will see its original facility level increase from £40m to £50m to support its growth plans.
Mark Saunders, CEO of Andrew Page, stated: “This is a real vote of confidence in the business and recognition of our continued growth, which was double digit across all sales channels in the past year.
“Additionally, we have recently launched a new on-line sales platform, fitted out five of our existing branches with new retail stores, and successfully opening new branches in Cardiff and Woodford Green.”
He went on to add: “This however only tells half the story. We are also focusing relentlessly on improving efficiency and reducing costs. Our recent investments in vehicle telematics, upgrading our van fleet and rolling out a new fully integrated digital telephony system is facilitating significant savings.
“Over the past number of months we have seen the benefits of these investments already translate into overhead reductions of £2.8m on an annual basis.”
Ed Brookes, CFO of Andrew Page commented: “The new £50m funding package provides additional capital to allow the business to accelerate its strategic growth plans and maintain its momentum.”
