Andrew Page secures further funding to support growth

Leading supplier of automotive parts and garage equipment, Andrew Page Group, has secured further funding from its provider PNC Business Credit (PNC), a leading Asset Based Lenders to UK mid-market companies and a wholly owned subsidiary of PNC Bank National Association (PNC Bank), one of the largest financial institutions in the United States. This comes a year after the group agreed a refinancing deal with PNC and the new funding will see its original facility level increase from £40m to £50m to support its growth plans.

Mark Saunders, CEO of Andrew Page, stated: “This is a real vote of confidence in the business and recognition of our continued growth, which was double digit across all sales channels in the past year. Additionally, we have recently launched a new on-line sales platform, fitted out five of our existing branches with new retail stores, and successfully opened a new branch in Cardiff along with opening a new branch in Woodford Green this month.”

He went on to add: "This however only tells half the story. We are also focusing relentlessly on improving efficiency and reducing costs. Our recent investments in vehicle telematics, upgrading our van fleet and rolling out a new fully integrated digital telephony system is facilitating significant savings. Over the past number of months we have seen the benefits of these investments already translate into overhead reductions of £2.8m on an annual basis.”

Ed Brookes, CFO of Andrew Page commented: “The new £50m funding package provides additional capital to allow the business to accelerate its strategic growth plans and maintain its momentum.  PNC are a terrific partner to have on board through this exciting stage of our development."

Jim Sumner, Chairman of Andrew Page said: “Our expansion plans and the confidence of our financial backers is a reflection of the wide experience and hard work undertaken by the management team. The continued focus on streamlining our business is paying dividends and we’re at the top of our game.”

The firm, which is backed by private equity houses Endless and Phoenix Equity Partners, operates 108 branches across the UK and at the start of last year stated its intention of expanding through a combination of acquisitions, new branch openings and investing in its on-line presence."

ENDS

Note to Editors

About Andrew Page Limited

Having originally been founded by Andrew Page in 1917, his son James, formed Andrew Page Limited in 1946. The company is an independent distributor of quality vehicle components, workshop equipment, tools and diagnostics. From its Leeds headquarters it controls all nationwide branches and employs over 2,600 people.

The company has grown progressively and underlined its national reach. This includes purchasing the Camberley Auto Factors (CAF) branch network in the south of England, acquiring 21 Unipart Automotive branches following the collapse of the company in 2014, and the subsequent rebranding as Andrew Page, The Autoparts People.

Andrew Page supplies products from many of the world's leading automotive component makers, including Unipart, Mintex, LuK, and Mann + Hummel.

The AP-Tech division meets customer requirements for tools and workshop equipment and reaches customers across the UK through its website www.ap-tech.co.uk. Auto Education is a training programme run by Andrew Page Limited and consists of 30 courses designed to improve and advance technicians skills to recognised national standards. Further information on the training courses and how to book can be found at: www.autoeducation.co.uk.

In June 2015 Andrew Page launched its online web store aimed at retail customers, including enthusiasts and professional technicians.

For further Andrew Page press information, please contact Torque:

Matt Sanger       – 020 7952 1079 or msanger@torqueagencygroup.com
Adam Forshaw   – 020 7952 1082 or aforshaw@torqueagencygroup.com