£5m funding package gets vehicle recovery business motoring to expansion
A Cheshire vehicle rescue and recovery specialist is on the road to growth following a £5.3m financial boost.
Manchester-based Praetura Commercial Finance has provided £5.3m of support for Egertons.
Located in Mobberley, Egertons boasts more than 400 vehicles in its fleet, covering 26 sites across the UK.
It supports a wide range of clients including SMEs, blue-chip businesses and large public sector organisations with roadside repair and breakdown recovery.
Founded in 1962, it delivers its rescue and recovery services through three main trading companies: Egertons, the Mansfield group and EFM.
As demand for its services grew, Egertons reached out to its professional partners to re-examine its working capital provision, choosing to partner with Praetura Commercial Finance.
The ‘time to cash’ from first introduction was just two weeks.
Les Brooke, finance director at Egertons, said: “The facility offered by Praetura Commercial Finance has been an excellent solution to enable us to fund the growth of the group.”
Stuart Bates, commercial director at Praetura Commercial Finance, said: “We want to be the finance partner of choice for ambitious and entrepreneurial UK SMEs. In the current climate, we’re working with great businesses like Egertons to help them to remain adaptable and reactive to the current challenges of the UK economy.”
Praetura Commercial Finance is part of the Praetura Group, a specialist equity and debt funding business aimed at providing an alternative to more rigid institutional lenders. Founded in 2011, the group posted record figures in 2021 and increased its total loan book to more than £200m.
Damian McGann, at Funding Friends, provided debt advisory advice to Egertons.