This business is a coach hire specialist based in Greenock operating throughout Scotland. With a fleet of vehicles ranging from 16 to 57-seater coaches and an emphasis on service, the business quickly established itself as a key provider in many sectors, from school transport to private hire for weddings, corporate visits and leisure tours of the country.
Having secured a new contract that required a new coach with additional accessibility features to be added to their fleet, they turned to broker David Tyrer of Universal Asset Finance, an appointed representative of Asset Finance Solutions, to secure a funding line that could assist with acquiring the vehicle.
David explains, “Our client is a well-established, family-run business that has developed a great reputation within the industry. They already have one of the best presented fleets in the Glasgow area and their approach to service sees them treat every passenger as a VIP, which has led them to work with some of Scotland’s leading tour operators, schools and businesses”.
Although the business owns a coach that is fully compliant with the latest Public Service Vehicle Accessibility Regulations (PSVAR) to ensure they cater to passengers with reduced mobility, their latest contract called for an additional PSVAR compliant vehicle to be purchased to meet the supplier’s demand. David adds, “With very little time to act, they needed a facility that could be secured quickly, so they made the right choice by contacting us to help find options for them. As brokers, we are familiar with different lenders’ appetites, turnaround times and rates, so we saved them a lot of time and effort by introducing them to lenders that could provide exactly what they were looking for. We knew that Ultimate Finance would consider the proposal, and that, if approved, finance could be in place very quickly, so we spoke to their team about our client’s requirements”.
John Hallett, Regional Director at Ultimate Finance, explains, “We have been working with Asset Finance Solutions and their broker network for a few years now, which means we understand how both businesses operate and can provide funding within as little as a day. When David introduced us to his client we understood that the timescales were tight so we set out to tailor a facility straight away to make sure we could support the business with the right funding”.
The team at Ultimate Finance provided a £230k Hire Purchase facility with VAT deferral to assist with the acquisition of the vehicle. John says, “We are delighted to have been able to support the business with an Asset Finance solution and help them cement their reputation as one of the leading coach hire businesses in the country. A Hire Purchase facility allowed us to provide them with the funding they needed to secure the coach against fixed monthly repayments which will prevent any sudden cashflow issues in the upcoming months. And at the end of the agreement, the business can decide to purchase the coach fully against one final payment”.
With their fleet expanded, they are looking forward to continuing their growth journey, with the possibility of seeking further funding to add more vehicles as and when required.