Son buys garage off his dad after six-figure loan
A GARAGE technician is buying the family business off his dad – thanks to a six-figure loan.
Bangor Tyre Services Limited has been run by Gwyn Thomas and Dewi Roberts since 1986, first based at the former Railway Hotel, next to Bangor train station, and then at a larger site on Caernarfon Road
But they are now selling up to Gwyn’s son, Stuart Thomas, 32, after he secured a loan from the Development Bank of Wales.
Gwyn said: “Stuart has worked in the business for the last 15 years, so knows our team and our customers really well.
“He has also been running his own separate business, which means that he has had the opportunity to broaden his commercial experience.
“Both Dewi and I have worked very hard to build the business into the success that it is today.
“The support from the Development Bank of Wales means that we can now retire safe in the knowledge that Stuart will have the opportunity to develop and expand the business even further. Gwyn will remain as an employee with Bangor Tyre Services in an advisory role.”
Stuart added: “Over the last 32 years, Dad and Dewi have developed a thriving business that provides employment for local people, and is well respected by our loyal customer base.
“I was keen to take over from them, but accessing the finances was not an easy task. A friend recommended that I speak to the Development Bank of Wales. I made contact and, before I knew it, the funding was in place with a suitable and fair deal.”
Regional manager for the Development Bank, Rhodri Evans, said: “Finding the right exit strategy is a common problem, but the answer can often be very simple, with funding available to help finance management buy-outs and family investment.
“It’s one of the many ways in which our Wales Business Fund can help owners of small businesses.”