A Malton-based family-run classic car business is fuelling its growth strategy thanks to a seven-figure funding package from HSBC UK.

Established 28 years ago and run by James Szkiler, son of founder Nick Szkiler, Classic & Sportscar Centre has used the funding to buy new premises, part of a planned expansion bringing all its operations under one roof.

The new 30,000 sq ft building, next to its existing showroom, will provide additional space to house its restoration, servicing, body and trim division, Malton Coachworks. The business expects to complete work in early-2021.

With the backing of HSBC UK, Classic & Sportscar Centre will also recruit ten new members of staff and scale-up its stock of rare and sought-after collector’s cars – such as historic Jaguar and Aston Martin models – by 30%.

As a result, it expects to deliver a 25% increase in turnover in the next 12 months.

In the last four years, Classic & Sportscar Centre has grown its turnover by 200% sourcing, restoring and selling iconic models, such as the Jaguar E-type, Ford Mustang and Aston Martin DB6, across the UK and globally.

The deal was part of HSBC UK’s £1.05bn lending fund to support small and medium-sized enterprises in Yorkshire.