Bristol business, UKD Auto has received further funding to propel their business growth.
Launched in 2015 by siblings, Holly and Luke Arnold (21 and 22) the business specialises in the restoration of classic vehicles with a particular focus on German cars such as Volkswagen, Porsche and Mercedes.
Unable to get finance from their bank they were referred to the Start Up Loans Company, a government backed scheme offering finance and support to young and start up businesses. As the South West delivery partner, Holly and Luke were referred to SWIG Finance where they were successful in applying for a loan to invest in the start up costs and initial stock.
Holly says: “Luke was working as a mechanic restoring vehicles and I was working for an insurance company when we saw an opportunity in the car market for a trusted dealership specialising in the restoration and sale of cult vehicles and cars that are fast becoming iconic classics.
“Our family has been in the trade for 40 years so we’ve grown up around cars and have enough support to be confident in our business. After 6 months of trading we’d sold 18 vehicles but our main issue was a lack of stock.”
Continuing to grow the business, UKD Auto returned to SWIG Finance for further funding to invest in growing their business.
Business Manager at SWIG Finance, Mark Thayre says: “It’s been great to have been able to support UKD Auto right from the beginning and continue to be able to offer that support throughout their business journey.
“Holly and Luke have good experience and are clearly passionate about the sector. They are very clear about what they want to achieve in their business and we wish them every success in the future.”