Leeds' Luscombe Motors expand with Mitsubishi franchise
Leeds-based motor retailers, Luscombe Group Ltd, have secured £500,000 funding to acquire another garage in the city.
The firm have purchased a Mitsubishi franchise from Robert Bowett Motoring, adjacent to the existing Luscombe Suzuki dealership.
The acquisition means Luscombe Motors Ltd has doubled its workforce from 18 to 36 after retaining all existing Mitsubishi staff.
The funding, arranged by Phil Shearstone at Yorkshire Bank’s Business and Private Banking Centre in Leeds, has also allowed the company to purchase the existing freehold premises which its Suzuki dealership occupies. In addition to car sales, the company provides Saab servicing and is the only DFSK van dealership in Yorkshire.
Robin Luscombe, managing director of Luscombe Motors Ltd, said; “It’s our aim to bring the same level of expertise and customer care which has made our Suzuki dealership successful to our new Mitsubishi dealership.
“I’ve been involved in the motor trade for 30 years, starting out as an apprentice, so I know the industry well. The range of new and used vehicles, along with our after care service which we now provide, is something we are proud to have developed.
“I found the whole process of securing funding and support to make the acquisition happen very easy. The team at Yorkshire Bank took the time to develop an understanding of my business and got the deal completed within the timescale required.”
Mike Yates, Yorkshire Bank’s head of wholesale, retail and franchising, said: “It’s clear that Robin and his team at Luscombe Motors Ltd have a very clear idea of how they want to build on their existing success and grow their business even further.
“We are committed to assisting strong, well-managed businesses grow regionally, nationally and internationally.”
The company received financial and tax advice from motor trade specialist accountancy firm ASE.
James Dunn, from Keighley and Skipton-based solicitors, AWB Charlesworth, advised on the transaction. He said: “We are always pleased when a local business succeeds; particularly a business within such a tough, competitive market.
“We wish Robin and his team the best of luck in their future development.”
Company and commercial law matters were dealt with by Andrew Holland of Andrew Holland Law and Umberto Vietri; a partner of AWB Charlesworth
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular Yorkshire & The Humber morning email for free.