Malvern-based niche sports car-maker Morgan is set to increase the number of cars it can offer to dealerships after securing a £2 million funding deal with HSBC.
The funding injection, via HSBC’s corporate banking team in the Black Country, will support the Morgan Motor Company’s stocking fund.
It enables the business to display finished cars on dealer sites for customers to test drive, helping boost sales and increase the number of dealerships it works with.
The new fund, arranged by relationship director Darren Morris, is expected to help Morgan grow its business significantly.
The loan has helped Morgan’s increase the number of dealers using the facility in the UK and Europe up to 22, boosting sales by approximately 30 per cent in the UK.
Mark Ledington, sales and narketing director at Morgan, said: “This funding from HSBC is enabling us to provide a more flexible loan arrangement with our dealers, which in turn allows more car enthusiasts to purchase our bespoke sports cars.
“HSBC has been instrumental in helping us achieve our goals and we look forward to their continued support.”
Paul Turk, HSBC’s area director corporate banking in the Black Country, Shropshire, Hereford and Worcester, said: “HSBC is committed to supporting ambitious businesses like Morgan Motor Company to achieve their growth plans.
“I am pleased we have been able to strengthen our relationship with one of Britain’s classic car makers.”
