Exway has secured financial backing from NatWest to support the continuing development of its vehicle accident repair network across Devon, Cornwall and Somerset.

The additional funding for growth was arranged by the Corporate Finance team at Exway’s accountants Francis Clark.

As part of a planned expansion programme, Exway has significantly increased its geographical coverage in recent years by acquiring bodyshop businesses in Plymouth, Newton Abbot, Kingsteignton, Barnstaple, Paignton, Newquay, and Marsh Barton, Exeter.

The Exway Group has a long standing relationship with NatWest, having worked with the bank for more than 25 years. Exway founder and managing director Trevor Barefoot approached his Relationship Manager at NatWest, Steve Morris, for funding to support his growth aspirations and the bank provided a bespoke finance solution tailored to the needs of the business.

Exway’s Trevor Barefoot says: “We are working in a challenging economic climate and this deal will allow us to continue to develop our vehicle accident repair network across the South West, whilst retaining our independence as a family-owned company.”

He adds: “With advances in automotive technology and the advent of new manufacturing materials, bodyshop businesses are having to keep pace with the latest repair methods and the increasing demands of motor insurance companies. This new funding from NatWest will enable us to continue our investment in state-of-the art equipment and staff training to further enhance the safety and quality of our repairs.”

Steve Morris, Relationship Manager at NatWest Commercial Banking in Torquay, says: “Our close relationship with Exway and Francis Clark has been crucial and indicates the importance of maintaining strong links between banks, customers and professional advisers, particularly in the current climate.”

He adds: “We are delighted to have been able to provide additional support. We have worked with Exway for a long time and have confidence in Exway’s business model, and have been impressed with their plans to develop the business in a planned, controlled and professional manner.”

Exway is recognised as one of the UK’s most innovative and forward-looking collision repair specialists. It was the first bodyshop group to be awarded the prestigious BSI Kitemark for vehicle repair for all of its centres, and the first to introduce a Lifetime Guarantee for all repairs.

Exway has also helped to pioneer tailor-made car accident repair services – such as the new Vizion repair network for owners of luxury cars, and Exway’s joint venture with Renwicks and Center-Bay which provides a dedicated car accident management scheme for Peugeot drivers in the South West.

“This deal will allow us to continue to develop our network across the South West, whilst retaining our independence as a family-owned company,” says Trevor Barefoot.