Member Article

North West-based Cox Motor Group acquires fourth Honda dealership

North-West based motor retailer Cox Motor Group has acquired its fourth Honda car dealership, in Southport, after securing funds from Lloyds Bank Commercial Banking.

The Lloyds Bank Commercial Banking team in Liverpool has provided a finance package to the business, which has been a customer of the bank for 15 years.

The increase of funding will enable the purchase of the Honda site in Southport from the Clare James Group who had operated the site for nearly four years previously.

Cox Motor Group operates five franchise sites across Lancashire and Cumbria: Blackpool Honda, Lancaster Volkswagen, Lancaster Honda, Kendal Honda & Seat and Preston Honda.

The business, which is wholly owned by David Cox, has current turnover of £58m.

Owner of Cox Motor Group, David Cox, said: “The acquisition of this Honda dealership, the fourth in our portfolio, extends our geographic reach and we are looking forward to integrating the team into our wider group.

“Honda is a prestigious brand that we’re proud to have a partnership with, and taking ownership of the Southport site is a fantastic way to end a successful year.”

Relationship director for Lloyds Bank Commercial Banking in Merseyside, North Wales and West Lancashire, John Csizmadia, said: “The motor industry has been growing steadily for almost two years and demand looks set to continue.

“Cox Motor Group is ideally placed to capitalise on the sector’s buoyancy, and we are pleased to be able to support a long-standing customer in its next exciting stage of development.”

This was posted in Bdaily's Members' News section by Sophia Taha .