K J Ryan (“KJR”), the Coventry-based manufacturer of high specification car interiors for the automotive industry, is to purchase new plant and equipment to cater for strong demand from clients such as Bentley and McLaren following a £1.1 million funding deal from Santander Corporate & Commercial.
Established in 2007, KJR has become a leading supplier of specialist parts both directly to car manufacturers and also leading original equipment manufacturers (OEMs) such as Magna and Lear Corporation. On top of Bentley and McLaren, the firm also counts marques such as Jaguar, Land Rover and Toyota as key customers.
KJR has enjoyed strong growth over the past eight years, successfully weathering the downturn in the automotive sector in 2008, and is currently experiencing record sales. To cater for this demand, the funding package from Santander Corporate & Commercial will help KJR to purchase specialist new plant and tooling equipment – it will also provide additional working capital to support the firm’s target of increasing annual turnover by around 50% over the next three to four years.
Kevin Ryan, Chairman of K J Ryan Ltd, said: “With the outlook for the automotive manufacturing sector stronger than ever, we are excited to be able to significantly improve our facilities to support our growth strategy. The funding from Santander has been invaluable, providing us also with greater headroom in the day-to-day working capital cycle as well as enabling us to better showcase our capabilities to major manufacturers.”
Michael Durkin, Relationship Director, Santander Corporate & Commercial, said: “KJ Ryan is a great local UK success story, and we are delighted to be able to support the firm as it looks to grow further. It works with some of the leading brands and suppliers in the UK automotive industry and, given the high quality nature of its products and its service, it is unsurprising that it is experiencing heightened demand.”
The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors
For KJ Ryan media enquiries, please contact
Alex Cameron - firstname.lastname@example.org/ 024 7671 2222
For Santander Corporate & Commercial media enquiries, please contact:
Bijal Tanna: 020 7756 4189 Mobile: 07860 259 217
Andy Smith: 020 7756 4212 Mobile: 07824 473 338
The Santander Corporate & Commercial press office operates from 8.00am to 6.00pm. Outside of these hours please call 0800 5877708.
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