Tuesday, April 23, 2024

East Midlands commercial vehicle company secures £7.5m for fleet expansion

An East Midlands commercial vehicle rental company has secured a £7.5m asset finance loan from HSBC UK to help purchase a new fleet of 200 trucks, as demand for vehicles in the supply chain soars. The investment will create 20 full-time jobs across the East Midlands.

With operating depots in Leicester, Loughborough and Nottingham, Alltruck provides contract hire and rental vehicle services to over 250 SMEs across the UK. The company has used the funding to increase its fleet of commercial vehicles – which ranges from 3.5 tonne vans to 44 tonne tractor units – from 2,000 to 2,200 to help meet an increase in demand from its customers.

As part of the company’s ‘Journey to Zero’ initiative, the new investment includes 10 fully-electric vans which will enable Alltruck and its customers to become more eco-friendly. As well as creating 20 new jobs, the company hopes its expanded vehicle capacity will increase annual turnover by 10 per cent.

Paul Robinson, Managing Director of Alltruck, said: “We pride ourselves on having the trucks our customers need, when they need it – and it’s crucial we continue to support customers during this period of sustained pressure facing UK supply chains.”

Simon Woods, relationship director East Midlands corporate banking, HSBC UK, said: “This deal gives Alltruck the funding to realise its own growth ambitions, which include becoming more eco-friendly as well as playing an important role in boosting supply chain capacity. We were pleased to support Paul and the team and look forward to working with them closely as they continue to grow the business.”

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