Taxi firm gets £840,000 funding for new base

MANCHESTER’s largest private hire taxi firm Street Cars has invested in new headquarters five times larger than its previous home after agreeing an £840,000 funding deal with Lloyds Bank Commercial Banking.

Street Cars was established in 2002 with just two cars and 13 years on, it now employs more than 450 cars and 65 call operators and support staff.  

The business has accounts with more than 1,000 businesses in the hospitality sector, and has hired more than 50 staff in the last year to deal with growing demand.

Managing director Naeem Arshad approached the bank to purchase a new six-storey property after previously being located on Sackville Street in the city centre.

The new premises on Chorlton Street can accommodate his growing workforce, a new training facility for office staff and drivers, and house its account relationship team which looks after hospitality business customers.

The additional space has already brought in new income to reinvest in the taxi business, as Naeem has secured restaurant, MCR 42, as a tenant for the basement.

The taxi firm moved its operations into the new building in July after a full refurbishment costing £500,000, which was also supported by Lloyds Bank Commercial Banking.

Arshad said: “We have experienced phenomenal growth over recent years and to house our burgeoning workforce, and we knew that we had to purchase larger premises.

“The extra room will enable us to continue to build the business and gain new relationships with hotels and restaurants across Manchester. Lloyds Bank saw our vision from the start and has helped us to achieve our business goals.”

Craig Gibbons, relationship director at Lloyds Bank Commercial Banking, said: “Purchasing new, larger premises is a real milestone for Street Cars, and will provide the firm with a solid foundation on which to build more success.”