CHESTER, England -

NextGear Capital UK has opened NextGear House, a new and significantly larger office located next to the company’s former headquarters in Chester. The move comes as a result of rapid business growth since the company opened its UK headquarters in 2014.

The UK business has a customer base of nearly 1,000 used vehicle dealers, which represents a sizable portion of the overall market. To date, NextGear Capital UK has funded more than $900 million 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 in-house team to more than 65, with another 28 field-based team members. The new location, adjacent to the company’s former office, is more than double the size at 11,500 square feet.

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 capitalize 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.”

“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,” said John Wick, chief strategy officer and general counsel for NextGear Capital US.

Chester is located south of Liverpool and on the border with Wales.