Lipscomb Cars switches to Lloyds Bank to fund the future

Date: 27-10-2016

“I feel that Lloyds Bank works for my interests, rather than me working for theirs.”

As Managing Director of Lipscomb Cars, Peter Barnes was looking for a bank that really understood the business’s needs.

“I felt that a good banking relationship was going to be fundamental to the growth of the business. As things stood, I felt like I was working for our previous bank, rather than them working for me. It was definitely time to make a change,” he explains.

“We were approached by Lloyds Bank and two other banks. I immediately felt that Lloyds Bank understood what my needs were, provided a personal service and genuinely wanted to do business, so was absolutely the right choice.”

Easy switch

As part of the switch, the company secured a £3.2m loan for further growth, a £1m overdraft facility, transaction banking and corporate card products. The relationship aspect was particularly important to Peter, however: “It meant everything knowing that I had somebody who I could pick up the phone to and feel that I was in partnership with. I feel that Lloyds Bank works for my interests, rather than me working for theirs.”

The switching process proved straightforward, he adds. “We were ‘hand-held’ throughout and were as ready as could be when everything finally moved across.”

Support and understanding

The Bank’s knowledge of the motor industry also impressed: “The team has an excellent grasp of what happens at peak periods and help us to plan for seasonal changes. We’ve also discussed plans for the future and the Bank works with us on our KPIs to ensure we’ve got the right level of funding in place,” states Peter.

Jon Cornell, Relationship Director, Lloyds Bank says: “We’re thrilled to be working with Lipscomb Cars as they continue their significant growth.”

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