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Stockton and Darlington firms join forces on car deal
DARLINGTON-based car dealer SG Petch has completed a £6.5m refinancing deal with advice from Archers Law of Stockton.
The new financing arrangement with Santander will allow SG Petch to grow its chain of branches in Darlington, Middlesbrough, Durham, Richmond and York and recruit more staff.
David Adams, an associate who specialises in corporate and commercial deals at Archers Law, said: “This was a very complex and high value re-financing deal with a degree of risk. There were a wide range of parties involved on both sides and by working together we were able to successfully complete what were complicated financial arrangements on behalf of our client.”
The dealership, whihc was established in 1977, sells new and used vehicles for several of the world’s leading manufacturers including Nissan, Hyundai, Peugeot, Seat and Fiat. The business employs more than 200 people and has an annual turnover over £115m.
Simon Rees, financial director at SG Petch, said: “Changing all of our banking and financial arrangements was a decision we did not enter into lightly. It was a complicated process but Archers Law was able to come in quickly to take away a lot of the pain and hassle from us.
“The Archers’ team and David in particular did a fantastic job and we look forward to working with them again in the future.”
Mr Adams added: “SG Petch is a well-known and successful regional business. We were quickly able to establish a very good working relationship with the team and were delighted to be asked to work on this significant contract.
“I’m sure it is a relationship that will continue to grow as both of our businesses prosper.”
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