Unipart Automotive Welcomes New Franchise Fund's Boost
franchise opportunity, Motor Factors, franchise programme
Unipart Automotive, the UK’s largest independent supplier of car parts and workshop consumables, has welcomed a new £100m Franchise Fund recently announced by NatWest bank that has the potential to create 24,000 jobs. The fund can help to offer those with factoring experience financial assistance in establishing their own Express Factors business, Unipart’s franchise programme.
car parts factoring opportunity
Financial support is already available for those starting Express Factors businesses, but the new fund will provide additional support. Funding is available from £25k to £500k for up to 70% of the amount required, with a repayment term of up to 10 years and the fund offers a reduced arrangement fee of one per cent and a 12 month capital repayment holiday in the first year. NatWest says the loans are available with discounted fees and if the business is a start-up and has been running for less than 12 months, new franchises may also benefit from two years free banking.
Stuart Sykes, spokesperson for the Unipart Automotive Express Factors programme said: “This funding should help those with factoring experience and the relevant skills to take the first steps to becoming an Express Factors franchisee. The new franchise fund gives the additional support required to open a factoring business and a new franchisee could be up and running in a 12-16 week period from the point of first contact”.
With opportunities for Express Factors branches to be established throughout the UK,
potential franchisees with relevant experience can come from a variety of backgrounds including entrepreneurs, investors and experienced managers of similar businesses wishing to set up and run their own operation. Alternatively, corporate entities that see synergies with their existing operations may also be interested in the Express Factors programme. Future franchisees could be managers from vehicle manufacturer dealerships, or owners of motor factors or accessory shops wishing to expand to become an all parts supplier.
The NatWest Franchise Fund is officially endorsed by the British Franchise Association (bfa) of which Unipart Automotive is a member.
Express Factors has traded for more than 30 years, distributing Unipart branded products to the workshop sectors of the automotive aftermarket. Over the next five years Unipart Automotive wishes to grow its share of this market, and intends to do this through its existing company-owned outlets and investment in the growth of the Express Factors business format franchise programme.
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