A leading used car retailer is planning a significant expansion of the business in partnership with Clydesdale Bank.
Stebbings Car Superstore, which is based in King’s Lynn, Norfolk, has purchased a 5-acre site in a prime location within the town after receiving a funding package from Clydesdale Bank. The family-owned firm has yet to confirm how it will use the land, but expects building work to commence this year. The new site, which is close to a number of new car franchises and a recently-built Sainsbury superstore, will operate in addition to the company’s existing car supermarket and workshop in King’s Lynn.
Founded over 40 years ago, Stebbings is one of the biggest independent used car supermarkets in East Anglia. The business began as a father and son partnership trading in used cars from a garage forecourt in Grimston. It moved to its current site in King’s Lynn in the early 1990s where it now operates a used car superstore with more than 500 vehicles in stock, and a workshop offering aftersales including services, MOTs and repairs.
The expansion plans are the latest in a series of growth initiatives undertaken by Stebbings in recent years. Last year the firm, which employs 52 staff and has a turnover of about £25 million, purchased from its own funds an industrial unit with 3000m2 workshop space adjacent to its premises. It has now transferred its workshop facilities to the neighbouring site and aims to convert the former workshop area into a customer sales building.
Stebbings, an existing customer of Clydesdale Bank, is considering a number of options for the new site.
Despite being located near the Norfolk coast, Stebbings attracts customers from far and wide. One recent customer travelled from Orkney, which is situated 650 miles away in the north of Scotland, to buy a used Alfa Romeo Giulietta from the firm.
Richard Brown, managing director of Stebbings, said: “A healthy rise in new car sales across the UK has provided an opportunity to expand our business.
“We are delighted to that Clydesdale Bank is able to support our growth ambitions. One of the benefits of our long relationship with Clydesale Bank’s team is that they understand our business and have been able to adapt to the ever-changing marketplace.”
Richard Chapman, head of Clydesdale Bank’s Business and Private Banking Centre in Bury St Edmunds, said: “Stebbings Car Superstore is a well-run family business which has grown to become one of the biggest of its kind in East Anglia.
“While other players in the cars sales sector suffered during the recent difficult economic conditions, Stebbings responded to the challenge by continuing to offer quality vehicles at an affordable price point, and developing new services as a means of increasing revenue.
“As we begin to see signs of economic recovery, Clydesdale Bank remains focused on investing in the growth ambitions of the Norfolk business community.”