NextGear Capital UK opens new headquarters

NextGear Capital UK, which provides stock funding for the used car and LCV markets, has opened a new, larger office – NextGear House – in Kingsfield Court on the Chester Business Park, as a result of rapid business growth since the company opened its UK headquarters in 2014.

NextGear Capital UK is a subsidiary of NextGear Capital Inc., and part of the Cox Automotive group, one of the world’s largest providers of services and solutions to the global automotive industry.

The opening of NextGear House with (L-R) John Wick, Chief Strategy Officer and General Counsel at NextGear Capital US; David Mercer, NextGear Capital UK’s Managing Director; Michael Buxton, Chief Executive of Cox Automotive UK; and Mike Rother, Senior Vice President for Corporate Operations at NextGear Capital US.

The business has a customer base of almost 1000 used vehicle dealers, representing a significant proportion of the overall market. To date, NextGear Capital UK has funded more than £690 million1 worth of vehicles, helping to improve the balance sheets of used vehicle businesses around the country.

Since its UK launch in May 2014, the company has grown its office-based team to more than 65, with another 28 field-based team members. The new premises, adjacent to the company’s former office, expands its footprint from 5,500 square feet to a space of over 11,500 square feet, more than doubling in size.

NextGear Capital new offices

David Mercer, NextGear Capital UK’s Managing Director, said: “With recent headlines about the UK used car market hitting record levels  in the first half of the year, it is clear that our funding solution is helping dealers to capitalise on this strong consumer demand and is providing them with the  means they need to help grow their business and stock more of those vehicles they know sell well.”

Having chosen Chester due to its strong financial tradition and skilled employee base, NextGear Capital’s decision to open its UK headquarters in the city has certainly paid off.

John Wick, Chief Strategy Officer and General Counsel, NextGear Capital US, said: “The growth of the NextGear Capital UK business has been phenomenal, and part of that success has been driven by the speed at which we were able to start up in Chester and the opportunities that being based here have given us for our continued expansion.”

In addition to special guests from the US and the UK, the opening of the new NextGear Capital UK headquarters was attended by councillor Louise Gittins, deputy leader of Cheshire West and Chester Council, the charity supported by the business, Chester Aid to the Homeless, and the Chester Town Crier.