Subaru Nordic secures £14m funding
Subaru Nordic AB, a subsidiary of Coleshill-based International Motors, has secured a £14m funding package. The Birmingham office of Handelsbanken arranged the deal.
Handelsbanken Birmingham has also provided a £5m multi-option facility for International Motors. In return, Subaru Nordic has transferred all of its banking activities to Handelsbanken.
International Motors is part of the IM Group. Its turnover is £280m, 50 per cent of which is attributable to Subaru Nordic AB, which operates in the Nordic and Baltic regions.
Andrew Edmiston, IM Group managing director, said: "In our investment property company we have enjoyed a mutually beneficial and expanding relationship with Handelsbanken.
"The bank was therefore an obvious choice to fund and support our fast growing Scandinavian Subaru motor distribution business.
"I was very pleased with the bank’s very positive response and the swiftness in which it completed the transaction from credit sanction through to final drawdown."
