NextGear Capital UK Officially Opens for Business in Chester
- New used vehicle dealer funding business chooses Chester as its UK HQ
- Lord Mayor of Chester Jill Houlbrook cuts the ribbon as NextGear Capital UK is set to employ up to 50 people in first year
- US parent invests £3m in new business in year one of trading
NextGear Capital UK has officially opened for business in its new 5,500 square foot premises in Kingsfield Court on the Chester Business Park today (6 May 2014).
Lord Mayor of Chester Jill Houlbrook and NextGear Capital’s US company president Brian Geitner were on hand to cut the ribbon to announce the official opening of the company.
NextGear Capital has chosen Chester as its UK headquarters due to its strong financial tradition and employee base and is set to employ up to 50 people in its first year of trading.
The new company provides used car and van dealers with a revolutionary new vehicle Stocking Plan and is part of a £3m first year investment in people, premises and systems for the Chester based company.
NextGear Capital expects to fund 100,000 used vehicles by 2015 and has the capability of bringing more funding into the market based on demand.
The Stocking Plan improves cash flow for dealers and enables them to ‘stock more and sell more’ used vehicles, which should help improve the balance sheets of hundreds of used vehicle businesses around the country.
The entire buying and selling process is paper free and extremely fast thanks to a significant IT investment. The systems give dealers the ability to view and manage their Stocking Plan online via PC or tablet which assists with budgeting and profitability.
“Our system revolutionises dealer stocking in the UK at a time when motorists are buying more used cars than in any time in the last five years,” explained David Mercer, NextGear Capital UK’s Managing Director.
“We have been able to call upon the strong financial services skill base in Chester to set up the business in record time,” he added.
“We are very proud to be investing in the opening of our UK business in such a historic city with a strong financial services tradition,” explained NextGear Capital’s US group president Brian Geitner.
“The UK has such a strong and vibrant used vehicle market and we believe our new Stocking Plan will help dealers sell more cars and increase their profitability,” he added.
Pictured at front, left to right - NextGear Capital US President, Brian Geitner, Lord Mayor of Chester, Jill Houlbrook, Leader of the Council, Mike Jones and Managing Director of NextGear Capital UK, David Mercer.