October 24 2014 Latest news:
Shaun Lowthorpe , Business editor
Wednesday, April 30, 2014
King’s Lynn based used car retailer Stebbings Car Superstore is set to create 30 new jobs after unveiling plans to expand the business.
The firm has purchased a five-acre site in the town in an undisclosed deal after receiving a funding package from Clydesdale Bank.
The family-owned firm has yet to confirm how it will use the land, but expects building work to commence this year. The new site, which is close to a number of new car franchises and a recently-built Sainsbury superstore, will operate in addition to the company’s existing car supermarket and workshop in King’s Lynn.
Stebbings, which was founded more than 40 years ago, is one of the biggest independent used car supermarkets in East Anglia.
The business began as a father and son partnership trading in used cars from a garage forecourt in Grimston. It moved to its current site in King’s Lynn in the early 1990s where it now operates a used car superstore with more than 500 vehicles in stock, and a workshop offering aftersales including services, MoTs and repairs.
The expansion plans are the latest in a series of growth initiatives undertaken by Stebbings in recent years.
Last year the firm, which employs 52 staff and has a turnover of about £25m, purchased from its own funds an industrial unit with 3,000sq m workshop space adjacent to its premises.
It has now transferred its workshop facilities to the neighbouring site and aims to convert the former workshop area into a customer sales building.
And despite being located near the Norfolk coast, Stebbings attracts customers from far and wide. One recent customer travelled from Orkney, which is situated 650 miles away in the north of Scotland, to buy a used Alfa Romeo Giulietta from the firm.
Richard Brown, managing director of Stebbings, said: “A healthy rise in new car sales across the UK has provided an opportunity to expand our business.”
Richard Chapman, head of Clydesdale Bank’s Business and Private Banking Centre in Bury St Edmunds, said: “While other players in the cars sales sector suffered during the recent difficult economic conditions, Stebbings responded to the challenge by continuing to offer quality vehicles at an affordable price point, and developing new services as a means of increasing revenue.”
One of East Anglia’s largest crane hire companies, Quinto Crane & Plant Ltd, has been bought out in a multi-million pound deal, with the new owner promising to safeguard the jobs for its 125 employees and guaranteeing future investment.