Vintage car specialists set up new business with £50,000 loan from the Development Bank of Wales

Two long-term vintage car enthusiasts have set up their own garage to specialise in repairing and refitting classic cars, backed by a £50,000 loan from the Development Bank of Wales. 

Tonyrefail-based JNB Autos was started by friends Benjamin Morgans and Jonathan Clement. Bringing together their experience in working on classic cars, JNB Autos will service and maintain vintage cars including Porsche, Jaguar, Mustang, Mercedes, BMW and others. It will also offer servicing and repairs for non-classic cars.

The £50,000 loan, via the Wales Flexible Investment Fund helped the business set up in a garage in the Gelligron Industrial Estate.

Benjamin Morgans, co-owner at JNB Autos, 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.”

Financed by Welsh Government, the £500 million Wales Flexible Investment Fund supports Welsh businesses with terms of up to 15 years. Loans, mezzanine finance, and equity investments are available from £25,000 to £10 million.

For more information, visit https://developmentbank.wales/micro-loans-wales