Drivestyle (United Kingdom) - Nov 2007

unquote
01 November 2007

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The Yorkshire and Humber Equity Fund, a regional venture capital fund managed by YFM Group, has invested £200,000 in Williams of Harrogate, a luxury car dealership which trades as Drivestyle, in a second round of funding. The financing follows on from a previous investment of £250,000 in 2005, which enabled the business to expand through the acquisition of Harrogate Horeseless Carriages, which was the TVR franchise operator in the Yorkshire region. The new capital has allowed Drivestyle to expand further by securing the franchises of premium sports car brands Lotus and MG Cars, with some funds being used in marketing and promotion of the business.

Company

Harrogate-based Drivestyle, established in 2004, is a luxury car dealership which operates the franchises for established sports car brands such as Spyker, TVR, Lotus and MG. The company also offers a wide range of used cars.

People

YFM was represented in the deal by Paul Betts and Mark Hunter, who led the investment. Steve Williams handled the transaction on behalf of Drivestyle.

Advisers

Company - Clarion Solicitors, (Legal)Equity - Bentley Jennison, Richard Bright (Accounting)Equity - Keeble Hawson, Tim McLean (Legal)

Sourced from: UK & Ireland unquote" 358 (Dec 2007)