Wed, 22 May 2024 | COMMERCIAL PROPERTY
The Figaro Shop, an automotive business based in Didcot that specialises in repairing the Nissan Figaro classic car model, has acquired a 5,000 sq ft service station in Berkshire. The deal comes after the firm secured a £1.66 million funding package from HSBC UK, which will be used to finance the acquisition.
The company says that it will use the deal to diversify its operations into garage and service stations that cater to non-specialist cars. The site’s services will include car repair and tire fitting services for customers, ranging from Nissan Figaro enthusiasts to local residents, as well as local council vehicles.
The acquisition of the site, located in Thatcham, will also create a number of jobs in the area, with The Figaro Shop anticipating an increase in turnover over the coming 12 months and forecasting that its annual profits will rise by 30 per cent.
Commenting on the acquisition, The Figaro Shop owner Tobyn Brooks said: “As a business founded by someone from a disadvantaged background, I am extremely committed to creating jobs and making a positive impact within communities.”
"The automotive industry has been instrumental in my success, and HSBC UK has been an incredible partner in supporting The Figaro Shop with future growth. This funding means much more than bricks and mortar – it represents hope, resilience, and opportunity.”
Indika Perera, relationship manager in HSBC UK’s South & East London Business Banking Centre, added: “By venturing into servicing non-specialist cars, The Figaro Shop is not only enhancing its portfolio but also creating exciting career opportunities, and we’re pleased to share the business’s commitment to shaping futures and empowering individuals to thrive in their careers.”
Find out more about M&A trends in the UK's automotive sector
Read about how business can look beyond traditional sources of financing when planning acquisitions
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