Sturgess on the road to expansion
Posted on 03. Sep, 2010 by editor in Business News
Leicestershire motor retailer W E Sturgess & Sons has agreed a £5.2m funding deal with the East Midlands team of Lloyds TSB Corporate Markets.
The family owned business, which has been selling vehicles in Leicester for over 113 years, has performed extremely well in a tough market. Sturgess has an annual turnover of around £60m and employs 190 staff across four sites in the city. The funding will be used to support Sturgess’ growth and expansion.
Simon Whitaker, relationship director at Lloyds TSB Corporate Markets said: “As well as being one of Leicester’s best-known businesses, Sturgess is also one of the most respected names in motor retailing in the country. The business’ impressive reputation is down to its excellent management team and their commitment to their customers. We’re very pleased to be able to work with the Sturgess team.”
Sturgess was founded in 1897 by Walter E Sturgess in a small shop on the corner of Cranmer Street and Shaftsbury Road in Leicester. The business began by manufacturing, selling and servicing bicycles. Today, Sturgess has dealerships across the city including a flagship Jaguar showroom on Narborough Road
Pictured – l-r Barney Sturgess, managing director of Sturgess, Simon Whittaker, relationship director at Lloyds TSB Corporate Markets, Chris Sturgess, chairman of Sturgess, Dene Jones of Lloyds TSB and Ian Smith, financial director of Sturgess.
