Tyre-fitting service pumped up with VC cash

A CHESHIRE-based company which offers to fit tyres at customers’ homes has gained a £340,000 investment from The North West Fund.

Tyres on the Drive was started in May last year by Dominic Clarke, a former executive with French giant Michelin.

The company, which is based in Holmes Chapel, already operates a service around Cheshire, Wirral and Greater Manchester, but plans to use the investment to extend its geographical reach.

Mr Clarke has devised his own logistics system which minimises the time and distance between bookings. He has also designed the interiors of his vehicle fleet to contain all of the tools used in a tyre depot but in a compact space. The firm already has agreements in place with all of the major tyre suppliers.

He said: “After many years in the tyre industry, I realised that we could offer customers an alternative to waiting around in a cold and drafty tyre shop.

“This new model puts the customer first and, since there is no need for us to have a presence in every town, it allows us to be more efficient as a business. The funding will allow us to get our existing operation firmly established and open one or two new depots.”

The proportion of tyres ordered online has doubled in the past two years to 10% of the market, although most purchasers still have their tyres fitted at a depot.

The investment has been made through the North West Fund for Venture Capital, which is managed by EV.

Fund manager Richard Young said: “Dominic has a strong track record in the industry and has developed an innovative business model, giving a great service to the customer, and supported by sophisticated sourcing and efficient logistics.

“Dominic is an excellent example of a ‘management break-out’ – an entrepreneur who has an in-depth knowledge of their industry and who has held senior management roles but has now seen the opportunity to break out and set up their own venture but with a different approach.”