Reynolds of Selby accelerate growth plans with £80k loan

A Selby-based car dealership is set to accelerate its expansion plans after securing a loan from business lenders the Business Enterprise Fund (BEF).

Established in 1996, Reynolds of Selby has secured a loan of £80k from BEF.

Alongside providing new stock to create a wider selection for its customers, the new funding has led to the re-design and development of its website which re-launched on 29th September.

Richard Reynolds, managing director of the family run business, said: “I grew up working in this business, I’ve worked in every position, and know it inside out.

“After buying the company when my father retired, it was my turn to make some changes to progress and modernise the dealership. It’s such a competitive sector, we needed some improvements to set the garage apart.

“The majority of funding from BEF has gone into increasing our sales stock, and this has already had a positive impact on car sales. We have seen a 40% increase on the same period in 2015. To extend our services and meet demand, we’ll be recruiting for three new positions in the next six months.”

The funding from BEF, which has offices in Bradford, Leeds and Darlington, the dealership has also been able to extend its business hours to Sundays and a new lease car scheme has been introduced.

John Hall, BEF investment manager who assisted Richard in securing the loan, commented: “Reynolds of Selby really is a great example of a successful family run business and we’re thrilled to have been part of its recent developments.

“The introduction of Sunday opening hours is already having a positive impact on car sales, which now averages out at 20 per month.

“With Richard now taking full control and with his extensive sector experience, we are looking forward to watching the business continue to grow.”

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