Classic car specialist secures seven-figure HSBC funding

New 30,000 sq ft building to provide additional space for restoration, servicing, body and trimming

Classic car specialist secures seven-figure HSBC funding

A classic car business has secured a seven-figure funding package from HSBC UK to support its growth plans.

Malton-based Classic & Sportscar Centre, which was established 28 years ago, has used the funding to purchase new premises, part of a planned expansion bringing all its operations under one roof.

A new 30,000 sq ft building, neighbouring its existing showroom, will provide additional space to house its restoration, servicing, body and trim division, Malton Coachworks.

It expects to complete work in early-2021.

The HSBC UK backing will also enable the business to recruit ten new members of staff and scale-up its stock of cars, including historic Jaguar and Aston Martin models, by 30 per cent.

25 per cent turnover increase

The investment is expected to support a 25 per cent increase in turnover in the next 12 months.

James Szkiler, chief executive of Classic & Sportscar Centre, said: “Since beginning a radical business growth plan five years ago, I have been focused on diversifying and developing our operations in a sustainable yet ambitious way.

“We’ve reached a point now where we are ready to take a significant strategic leap forward and the financial support we have received from HSBC UK enables us to do this.”

“A success story”

Stephen Smith, business banking relationship manager for North & West Yorkshire at HSBC UK, said: “This is an established business which has built a reputation in the region and across the UK for its expertise in sourcing and restoring rare classic and sports cars.

“Its plans for growth and expansion are built on a success story spanning more than a quarter of a century.

“We’re pleased to have been able to assist James and the team with their expansion plans and look forward to continuing to support them in the future.”

Classic & Sportscar Centre sources, restores and sells iconic models across the UK and globally and has grown its turnover by 200 per cent over the past four years.

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