Vintage car specialists launch new garage with £50,000 Development Bank of Wales loan
Vintage car specialists launch new garage with £50,000 Development Bank of Wales loan
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A pair of lifelong classic car enthusiasts have launched a new specialist garage in Tonyrefail after securing a £50,000 loan from the Development Bank of Wales.
Friends Benjamin Morgans and Jonathan Clement have opened JNB Autos, a business dedicated to servicing, repairing and restoring vintage models including Porsche, Jaguar, Mustang, Mercedes and BMW.
The garage will also handle maintenance and repair work for non-classic vehicles, widening its customer base as the company gets off the ground.
The funding, provided through the Wales Flexible Investment Fund, has enabled the duo to establish their operations at a unit on the Gelligron Industrial Estate and carry out the necessary refit to begin trading.
Morgans said: “The timing of this loan was fantastic for us. Jonathan and I have got personal and professional experience in restoring and working on vintage makes, and we wanted to take the step to setting up in business on our own.
“We found the building at Gelligron and it was really easy for us to visualise it meeting our needs.
“The support we had from the Development Bank meant we were able to take it on and refit it quickly, giving us the space and confidence we needed to start taking on work from day one.”
Chris Stork, Investment Executive at the Development Bank of Wales, said: “Our investments are here to help businesses to start up and grow, and JNB Autos are an excellent example of a start-up team who knew what they wanted, with strong experience in their area.
“Our investment has helped them to start taking on work quickly, giving them the chance to focus on building their customer base and reputation.”
The Wales Flexible Investment Fund, financed by the Welsh Government, totals £500 million and provides loans, mezzanine finance and equity investments ranging from £25,000 to £10 million, with terms of up to 15 years.
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