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.

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