Vehicle hire firm to accelerate expansion with Scottish acquisition

A Loughborough-based vehicle hire company has expanded with the acquisition of Hireway Vehicle Rental in Wishaw, North Lanarkshire.

Reflex Vehicle Hire use an £18m funding package from HSBC UK to fund the deal, which will see all Hireway Vehicle Rental staff maintained, increasing the Reflex Vehicle Hire team by 11 people, taking it to 115 employees and adding 900 vehicles to its fleet.

The expansion will increase Reflex Van Hire’s fleet to around 6,000 commercial vehicles.

Reflex Vehicle Hire is anticipating a 19% increase in turnover over the next 12 months.

Oliver Waring, founder and chairman of Reflex Vehicle Hire, said: “This acquisition has progressed our growth strategy ahead of schedule and unlocks some fantastic new opportunities for the business. We’re excited to work with Hireway Vehicle Rental staff over the coming months to cement our reputation as the first-choice provider for business customers.”

Ben Foster, relationship director at HSBC UK, said: “Reflex Vehicle Hire is a market leader in customer service and pushing sustainability in vehicle rental. HSBC UK are proud to support the business expand across the UK as they cross the border into Scotland.”

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