Onside Issue 2 - Winter 2014 - 4

ONSIDE / NEWS

ONSIDE NEWS
Seneca backs Homebuy

Rockar drives in to Bluewater

eneca has partnered with Intrinsic Equity to provide
£10 million of funding to grow Homebuy Group, the
retail financial services business. The company which is
headquartered in the Midlands provides consumers with an
affordable way to purchase high quality household goods.
Homebuy has 20,000 customers and will use the funding
to further develop and strengthen its long established and
growing presence in its regional markets.
Nick Leitch, Head of Seneca in the Midlands said:
"We are delighted at this opportunity to partner with
management and Intrinsic to deliver this transaction.
The funding structure we've created ensures significant
scope for management to grow the Group."
Senior debt facilities were provided by Hampshire Trust
Bank with Seneca Secured Lending providing the junior debt.
Gateley advised Seneca and Intrinsic with Hill Hofstetter
advising management. Tax due diligence was provided by
Smith & Williamson.
Seneca invests funds from its network of entrepreneurs in
businesses across most sectors with turnover up to £100
million. The experienced team looks to mobilise hardearned capital to support management teams and create
value for shareholders.

Nick Leitch

Simon Dixon

eneca has invested in Rockar, an exciting and innovative
new automotive retailer. Rockar has partnered with
Hyundai to open their new showroom located at
Bluewater shopping centre which integrates instore, online
and mobile platforms, allowing guests to research, book a
test drive, obtain a price for their old car, choose a payment
option, purchase and organise a service of their car. Alongside
Hyundai display cars, the 2,015sqft store is populated with
26 digital screens. These wrap round the entire space and
display bespoke content designed to communicate Rockar
Hyundai's retail proposition, pricing and promotions. There
are also staff on hand to answer questions, plus cars from the
entire Hyundai range are available to test drive in a parking
area at the back of the store.
The innovative retail model responds to findings that 93%
of all new car buyers conduct research online and now only
visit the dealership when they wish to sign on the dotted line.
Hyundai Motor UK President and Chief Executive Tony
Whitehorn said: "I am delighted to announce the launch of
Rockar Hyundai, a highly innovative and enticing addition to
our existing dealer network. It offers consumers an easy and
flexible alternative to buying and owning a car unprecedented
in the UK automotive industry. Rockar Hyundai is the shape
of things to come."
Rockar was formed in December 2011 to research and
develop a new customer-focused car retail style, away from
traditional car dealerships. Research indicates dealerships are
visited just 1.3 times on average before purchase.
Rockar Founder Simon Dixon said: "It is clear from
our research that customers buying a new car find it an
intimidating experience. Rockar's vision is simple, to ensure
the customer is truly at its heart and feels empowered
throughout the process. I am delighted Hyundai and
Bluewater had the foresight to partner with Rockar on this
exciting retail journey."

Table of Contents for the Digital Edition of Onside Issue 2 - Winter 2014