Fleet management business backed to double in size
Warwickshire-headquartered Multifleet Vehicle Management has secured a seven-figure funding package to support its plans to double the business in the next two years.
The fleet management and leasing business is expanding its contract hire offering, and will take on three more employees, as it targets £20m turnover in 2020.
Contract hire and leasing through the Multifleet business has grown to more than 1,100 vehicles in the last 12 months. The business provides fleet management services, through its Run Your Fleet brand, for 25,000 vehicles to over 1,200 UK-based businesses.
The Run Your Fleet service includes vehicle breakdown and recovery, daily rental, vehicle telematics, servicing, general maintenance and repair. In an effort to move towards a greener and more emission friendly vehicle, customers are now offered to trial plugin-hybrid style cars.
Steve Whitmarsh, managing director at Multifleet, said: “We are on an exciting journey and we expect to see significant growth in the coming years as we enter new markets. Our turnover has already grown to more than £10m, and we expect this to double over the next two years.”
Michael Graham, business relationship director for Santander Business Banking, which provided the funding, said: “We are thrilled to be able to provide Multifleet with the support they need to grow and expand their contract hire offering.”