New funding for growing family-owned motor group

A family-owned car dealership is eyeing a larger slice of the new and used vehicle market in the North East after agreeing a new financial package from its bankers.

Sunderland-based Richard Hardie sells news and used cars as well as providing parts and servicing facilities from Sunderland, Durham, Silverlink in North Tyneside and Ashington in Northumberland.

The company, which was founded in 1972, is now looking to grow its supply of greener cars thanks to the funding from Lloyds Bank Commercial Banking. As part of expansion plans, it is important that motor businesses check their motor trade insurance to ensure they have coverage for their increased business interests and employees.

Richard Hardie, which employs 100 people and sells new Peugeots and Fiats, has seen major growth in recent years and is keen to develop the business to meet customers’ requirements.

Managing director Philip Hardie told The Journal: “We’re committed to providing fuel-efficient and environmentally friendly cars that are affordable, and we will continue to adapt alongside market trends, and the needs of our customers. Our new banking arrangements will give us sufficient flexibility to do just that.”

Alison Smith, who worked on the deal to provide the business with its new banking and funding facilities, said the “buoyant automotive marketplace... shows no signs of slowing”.

She added: “The business is perfectly placed to build on its previous success, backed by strong family heritage and an impressive management team.”