Classic and vintage car restoration business Earley Engineering Ltd, which was established in Abergavenny and is run by a Monmouthshire man has invested £400,000 to acquire a new unit to meet growing demand supported by Barclays.

The investment will facilitate increased warehousing, parts manufacturing, servicing capability and new modular office buildings to accommodate the company expansion.

The family business was originally set up in 1993 by Alvis car enthusiast and professional motorcar engineer Nick Simpson, at Penlanlas Farm, Abergavenny, specialising in the restoration and servicing of the classic British manufactured Alvis car range.

Under the guidance of son Alex Simpson, supported by a strong team of dedicated and highly skilled engineers, Earley Engineering Ltd now employs 10 staff and has grown turnover to an expected £600,000 this year. The new unit is just over the border at Kingstone, in Herefordshire.

Alex Simpson, managing director at Earley Engineering Ltd, said: “I joined the business in 1999 as a mechanic but have always shared my father’s passion for Alvis since I was a boy.

"Alvis produced high quality British built cars from the 1920s until production finally ceased in 1967. There are only an estimated 4,000 still in existence.

"Restoration can take anything up to two years.

"Fully restored, the most desirable Alvis can be worth up to £750,000.

"We are one of only two dedicated Alvis restoration service providers in the world and more than 60 per cent of our business is from overseas as customers from all over the globe recognise our ability to blend traditional handmade restoration techniques with 21st century engineering."

Steve Massey, Barclays senior business banking manager, said: “By working closely and really understanding the business, Barclays has been able to support Earley Engineering Ltd financially and professionally throughout its expansion.

"This business has continued to grow through the economic downturn as investors have looked to vintage cars as an alternative to traditional investments, combined with the excellent reputation the business has established over a number of years. The new unit will provide much needed additional space to accommodate existing and future growth potential.”

Alex Simpson said: “We are very optimistic for the future and already have plans to take on two extra staff over the next 12 months.

"We already have work for the next two years as demand for our specialist services continues to grow.

"We pride ourselves in restoring these classic vintage cars for today’s lifestyle, so if a customer wants power steering or air conditioning we can accommodate any request.

"We have seen an increase in investors who want to enjoy their asset rather than keep it locked in a bank vault and therefore vintage cars have gained popularity. We believe that the Alvis belongs on the road not in a museum and with the right servicing can be as reliable as any modern day vehicle but is definitely more fun.”