Tyres on the Drive raises funding for roll-out
A CHESHIRE company shaking up the replacement tyre market by offering an ‘at-home’ service, has raised £1.5m to exand into new regions.
Holmes Chapel-based Tyres OnTheDrive.com was launched in May 2011 by Dominic Clarke, a former executive with tyre-maker Michelin. In April 2012 it won backing from the North West Fund for Venture Capital.
The latest fund-raising was led by MMC Ventures and supported by EV Group, to support its nationwide expansion. The total investment in the business, including funding from the founders, is now more than £2.6m. Turnover this year is expected to top £9m.
Tyres on the Drive, currently covers the North West and the West Midlands, and is expanding its operations into Yorkshire and across the South and London as quickly as possible.
The fund-raising will allow it to double its current fleet of specially designed tyre-fitting vans, which bring fitting workshops to customers’ front doors.
In addition, the additional funding will enable a number of new technology projects to get underway, including a new online and mobile website.
The company now employs more than 40 staff, operates a fleet of 21 vehicles and is on course to double its workforce and expand its UK coverage by the end of the year.
Chief executive Dominic Clark, said: “It’s a very busy and exciting time; we are on the cusp of a major expansion. Feedback on our service to date has been fantastic, which is testament that we are raising the industry bar very high for value, service and convenience. Our outstanding customer feedback has placed us first for customer service in the UK on Trustpilot and we aim to continue to set new standards within the industry.”
Ric Clarke, co-founder and chief technology officer, added: “We plan to continually improve our systems to ensure that not only do we deliver the best prices in the market, we ensure the buying process is simple and easy to use, and as a result of this we expect to launch a new improved website and mobile experience very soon.”
Rory Stirling, partner, MMC Ventures, said: “We saw the national potential of Tyres on the Drive right from the start and are really happy that this significant follow on investment will now allow the team to expand further across the UK.
“Working with the management team at TOTD has been a pleasure and we look forward to playing a part in the next exciting stage of the business.”
