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Reynolds Steers in the Right Direction Thanks to Funding

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A family run car dealership in Selby has received a loan to accelerate its development from business lenders the Business Enterprise Fund (BEF).

Established in 1996, award-winning Reynolds of Selby has mapped out a new strategy to step its sales up a gear.

After a negative experience with the bank, Reynolds of Selby secured a loan of £80,000 from BEF. Alongside providing new stock to create a wider selection for its customers, funding has led to the re-design and development of its website which re-launched on 19th September.

Managing director since June 2016, Richard Reynolds (34) said: “I grew up working in this business, I’ve worked in every position, and know it inside out. After buying the company when my farther retired, it was my turn to make some changes to progress and modernise the dealership. It’s such a competitive sector, we needed some improvements to set the garage apart.

“The majority of funding from BEF has gone into increasing our sales stock, and this has already had a positive impact on car sales. We have seen a 40% increase on the same period in 2015. To extend our services and meet demand, we’ll be recruiting for three new positions in the next six months.”

Thanks to funding from BEF, which has offices in Bradford, Leeds and Darlington, business hours have also extended to Sundays and a new lease car scheme has been introduced offering a face to face assurance that other providers do not.

“Celebrating 20 years in business, our showroom has also been revamped offering a modern, comfortable and upmarket feel. We want to be the best garage people have ever come to so we’ve considered every little detail. From the seating areas to the coffee machine, we’ve made major improvements - you won’t find any instant around here!”

BEF investment manager John Hall, who assisted Richard in securing the loan, said: “Reynolds of Selby really is a great example of a successful family run business and we’re thrilled to have been part of its recent developments. The introduction of Sunday opening hours is already having a positive impact on car sales, which now averages out at 20 per month.

“With Richard now taking full control and with his extensive sector experience, we are looking forward to watching the business continue to grow.”

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