MALVERN'S Morgan Motor Company has received a cash boost of £2m from HSBC to help accelerate its business.

The money will go into a new stocking fund for the Pickersleigh Road sports car manufacturer, enabling it to display more finished cars on dealer sites for customers to test drive, helping boost sales and increase the number of dealerships Morgan works with.

The new fund, arranged by relationship director Darren Morris of the bank's corporate team, will help Morgan grow its business by raising the number of dealers using the facility in the UK and Europe to 22, boosting sales by approximately 30 per cent in the UK.

Mark Ledington, Morgan's sales and marketing director, said: “This funding from HSBC is enabling us to provide a more flexible loan arrangement with our dealers, which in turn allows more car enthusiasts to purchase our bespoke sports cars. HSBC has been instrumental in helping us achieve our goals and we look forward to their continued support.”

Paul Turk, HSBC’s corporate banking area director, added: "HSBC is committed to supporting ambitious businesses like Morgan Motor Company to achieve their growth plans. I am pleased we have been able to strengthen our relationship with one of Britain’s classic car makers.”