Taxi rental business speeds up growth using Asset Finance

This business specialises in providing rental taxi vehicles on a weekly basis to service school contracts and has been growing quickly since its inception four years ago.

Looking to expand its existing fleet of low emission vehicles, the Directors were introduced to Ultimate Finance by their broker.

Jamie Glenn, Ultimate Finance Regional Director, explains, “We pride ourselves in developing long-lasting relationships with our introducers, and I have had the pleasure of working with this particular brokerage for many years, providing their customers with access to tailored Asset Finance solutions”.

As a result of this taxi rental business providing an excellent service to their renters, they  have been experiencing high demand and were looking to add 10 new electric vehicles to the fleet, already bosting over 100 cars.

Jamie continues, “We tailored a £200k Hire Purchase facility that allowed for all 10 assets to be acquired without the business having to pay upfront or provide a hefty deposit to secure the vehicles, which would have caused a considerable dent in their cashflow and would have led to a reduction in working capital. With the new vehicles secured, the business is looking at significant growth in revenue each week, which will ensure they continue to meet their growth ambitions”.

The facility allows the business to pay back via monthly instalments, an additional advantage that will help manage cashflow forecasts as it continues to target growth whilst providing its first-class and eco-friendly service to its customers.