Saturday, July 20, 2024

Affinity back on board with transport specialist Vectare in £3.5m funding deal

A Loughborough-based transport solutions company has made a second major investment after landing a funding deal through Nottinghamshire’s Affinity Asset Finance.

In November 2022, Vectare enhanced its environmental credentials by acquiring ten Alexander Dennis Enviro E200 low carbon emission buses after securing a £2m deal arranged by Affinity.

Now, they have partnered once again, with 15 new Alexander Dennis Buses being procured following a £3.5m deal.

Neil Kimberley, Director at Affinity Asset Finance, said: “We have built a proactive relationship with Vectare which has enabled us to not only be seen as a ‘preferred supplier’ but also offer advice and guidance on all areas of funding.

“Given the outlay in terms of deposit and the VAT amounts due, we structured a cash flow friendly way, meaning that assets payments are over the same lifespan as the contract.

“We have seen this business grow organically and via acquisition, with consistently improved and impressive cost management, fleet efficiency analysis and shrewd contract negotiations which in turn has meant they are being regularly awarded new contracts across the UK.”

Founded in 2016 by young entrepreneurs Dominic Kalantary and Peter Nathanail, who met at university, Vectare is a nationwide provider of mobility and transport technology solutions.

It now employs over 300 staff with a fleet of 200 buses, coaches and minibuses, working in partnership with 125 schools and 80 partner coach operators to deliver more than 600 daily home to school transport routes.

Earlier this year it launched its ‘Bigger Business – Better Buses’ strategy, setting out its plans for its next phase of growth.

Dominic Kalantary from Vectare said: “Thanks to Affinity Asset Finance, we’re able to invest further in a brand new fleet to improve the quality of journey we deliver to our customers.

“Outside of this investment, we are also restructuring our management team to bolster our resource levels, and analysing every aspect of our customers’ journey with us to identify opportunities to make journeys more reliable, more consistent and more enjoyable.”

Affinity’s package will see Vectare add 15 8.9m ADL Enviro200 MMC single-deck service buses to a bespoke interior specification.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.

Latest news

Related news

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.