- Type of finance
- Business need
Buying a business
“Over the last 30 years, Dad and Dewi have developed a thriving business that provides employment for local people and is well respected by our loyal customer base. The help and support from the team at the development bank was brilliant and I cannot thank them enough. I’m very proud to be taking over the business and hugely grateful to the development bank for their help.”
Bangor Tyre Services has been offering mechanic and tyre fitting services to customers in Bangor for over 30 years. Set up by friends Gwyn Thomas and Dewi Roberts, the company was sold to Gwyn’s 32-year-old son Stuart.
Stuart, who started working for the business when he was 17, used a Development Bank of Wales loan of £350,000 alongside his own funds to allow him to buy out the existing partnership and continue the business. He now has ambitious plans for the future of the company.