Norwich hire firm’s growth surge
PUBLISHED: 12:59 05 July 2013 | UPDATED: 12:59 05 July 2013
A Norwich-based vehicle rental company has more than doubled its fleet to meet an upsurge in demand for its vans and cars.
Advance Vehicle Rental has bought 60 Peugeot Boxer Vans, 20 Peugeot Partners and 20 VW Transporters, with a combined market value of more than £2m.
And the firm is now eyeing opportunities to expand its work force, as it aims to grow the company by 250pc by the end of next year.
It comes after the business secured a loan from NatWest and Lombard in order to meet its growth ambitions.
Currently, the company provides car and van hire to private and business clients both locally and across the UK – including the NHS and most of the UK’s best-known delivery companies.
Steve Ball, managing director, said: “Customers want new vehicles and those who are on the road for long periods of time find our vehicles comfortable thanks to the added extras. Having vehicles which are all less than a year old also cuts our maintenance costs down significantly.
“We are busier than ever before at the moment, many firms are growing and are in need of transport but are still nervous about investing.
“Many companies now prefer to use short-term rentals for their staff rather than the standard four-year lease so they don’t have to tie-up cash flow or worry about lead times.
“We can deliver a car or van nationwide to a customer’s new member of staff within 24 hours and we always provide an alternative.”
Richard Williamson, senior relationship manager at NatWest in Norwich, said: “The company has found a winning formula but needed a funding solution to help them keep growing.”