A FAMILY-run classic car business has secured a seven-figure funding package to fuel its expansion plans, including new jobs.

Malton-based Classic & Sportscar Centre has used the funding to purchase new premises to bring all its operations under one roof.

Established 28 years ago and run by James Szkiler, son of founder Nick Szkiler, the business will have a new 30,000 sq ft building, neighbouring its existing showroom, to provide more space to house its restoration, servicing, body and trim division, Malton Coachworks. The work is expected to be completed in early 2021.

With the backing of HSBC UK, Classic & Sportscar Centre will also recruit 10 new members of staff and scale up its stock of rare collectors’ cars – such as historic Jaguar and Aston Martin models – by 30 per cent. As a result, it expects to deliver a 25 per cent increase in turnover in the next 12 months.

James Szkiler, chief executive officer, said: “Since beginning a radical business growth plan five years ago, I have been focused on diversifying and developing our operations in a sustainable yet ambitious way. We’ve reached a point now where we are ready to take a significant strategic leap forward and the financial support we have received from HSBC UK enables us to do this.”

Stephen Smith, of North & West Yorkshire, HSBC UK, said: “This is an established business which has built a reputation in the region and across the UK for its expertise in sourcing and restoring rare classic and sports cars. Its plans for growth and expansion are built on a success story spanning more than a quarter of a century. We’re pleased to have been able to assist James and the team with their expansion plans and look forward to continuing to support them in the future.”

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