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Sturgess revs up with £5.2m funding deal
Leicestershire motor retailer WE Sturgess & Sons has sealed a £5.2m funding deal with the East Midlands team of Lloyds TSB Corporate Markets. The deal means the business can switch its banking to Lloyds TSB while funding is to be used to support Sturgess’ growth and expansion.
Sturgess has an annual turnover of about £60m and employs 190 staff across its four sites in the city.
Ian Smith, financial director for Sturgess, said: “We were looking for a strong financial partner that was locally-based and could share our vision for the long-term future of the business. The team from Lloyds TSB ticked all the boxes, and we were impressed by their professional approach to the deal and their understanding of the challenges and opportunities facing our business.”
Simon Whitaker, relationship director from Lloyds TSB Corporate Markets, added: “As well as being one of Leicester’s best-known businesses, Sturgess is also one of the most respected names in motor retailing in the country. The business’s impressive reputation is down to its excellent management team and their commitment to their customers. We’re very pleased to be able to work with the Sturgess team – one of the region’s most important and long-standing businesses.”
Sturgess was founded in 1897 by Walter E Sturgess in a small shop on the corner of Cranmer Street and Shaftsbury Road in Leicester. The business began by manufacturing, selling and servicing bicycles. Today, Sturgess has dealerships across the city including a Jaguar showroom on Narborough Road.
The Sturgess family is still involved with the business. The company chairman is Chris Sturgess and Barney Sturgess is the managing director. They are assisted by Ian Smith, who joined Sturgess as financial director in late 2007, from one of the major national motor retailing groups.
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