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08.08.03
Finance Cornwall helps Cornish crash repair company to strengthen business

A west Cornwall crash repair company is expanding its operations with the help of investment from Objective One project Finance Cornwall and HSBC bank.

Allen Auto-Bodies is based on the Rospeath Industrial Estate at Crowlas near Penzance just off the main A30. The company carry out vehicle crash repairs for both the insurance and the private sector, and cover an area stretching from Newquay to the far west of Cornwall. The company, which has been trading since 1990, carry out repairs for all major automotive manufacturers and employs 17 people.

Now, Allen Auto-Bodies have made a substantial investment to help expand the work mix and strengthen the business with the added purchasing power which will enable the company to greatly increase its stock levels mainly in parts purchases. The investment is being provided in partnership between Finance Cornwall and HSBC Penzance.

Jonathan Allen said: "The investment came in order to enable us to open our books more to the Insurance and retail sector and increase parts turnover, which will increase the income from parts sales – cash flow basically."

He added: "It's all about looking after what we've got at the moment and consolidating the business enabling us to move forward into the future."

The new investment follows the commissioning and funding by Jonathan of an in-depth business analysis study and a concluding actions report, conducted by Mark Richards of 'Automotive Management Solutions' - Consultants to the Automotive Industry.

Mark Richards said, "We were very pleased with the commissioning of the study and also the results and conclusions of the analysis. We are now looking forward to playing an instrumental role in assisting 'Allen Auto-bodies' with the ongoing implementation of the action plan, over the coming months."

Finance Cornwall's Business Loan Fund Manager, Jeff Lenihan, said: "The study helped us to identify areas of the business where things weren't operating so efficiently. The investment is being used to address those weaknesses, improve efficiency - and ultimately improve profitability and the long-term future for this business. Finance Cornwall and Automotive Management Solutions have also worked with Jonathan and the team at Allen Auto-Bodies to upgrade the firm's financial software, allowing them to more closely monitor ongoing performance against projections."

Jim Hendry, Allen Autobodies' relationship manager from HSBC in Penzance, said: "This investment plan will strengthen the future viability of this local business and we are pleased to provide our continued support to Jonathan Allen and his team."

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Editor's notes:

Automotive Management Solutions background

AMS is privately owned training and consultancy company, which specialise in accident repair centre processes and production analysis, with the overall aim "To deliver a 'Total Solution Package' that facilitates in overall improvement and profitability of the client operation."

Finance Cornwall background

Finance Cornwall is a £20 million investment fund backed by £9 million from the Objective One European Regional Development Fund.

For more information contact:

Jeff Lenihan
Business Loan Fund Manager
Finance Cornwall
01872 272288
www.financecornwall.co.uk

Mark Richards
Director
Automotive Management Solutions (UK) Ltd
07966 413148
www.AMS-Consultancy.com

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Jason Clark
Communications Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Tel: 01872 241379
Fax: 01872 241388
jason@dclark.co.uk

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