Vehicle repair business secures six-figure loan for fourth site acquisition
A vehicle repair business has secured a £375,000 loan from the Midlands Engine Investment Fund II to support its expansion after acquiring its fourth location.
Evolve Automotive Repair Centre, with existing sites in Coventry, Birmingham, and Leicester, acquired PL Carbodies in Warwick. It was awarded the funding through its appointed fund manager Frontier Development Capital (FDC).
Since taking over the site, Evolve has doubled its turnover and increased its team from six to 11 staff members.
Founders Stefan Hill and Jack Thomas plan to continue expanding, with plans to reach 10 locations within the next four years.
After opening the first Coventry site, they expanded to two more locations in 2023 and now employ 40 people across all four sites.
Evolve specialises in vehicle repairs for insurers and hire companies, with its new Warwick location already accredited by BMW and Hyundai.
The company plans to add more manufacturer approvals and is preparing to transition into electric vehicle repairs, with its Leicester site already specialising in this area.
Stefan Hill, director, said: “Evolve aims to bring a modern approach to the vehicle repair trade. We recognise that having the right people is key to success and aim to offer good jobs in a safe and comfortable working environment. We also invest in technology and training. Evolve was set up with electric vehicles in mind as we believe they are the cars of the future and we are preparing for the changes ahead.
“Our business has come a long way since Jack and I were knocking on doors in Coventry. The funding from Midlands Engine Investment Fund II will support the business in the next stage of its growth.”
Ryan Cartwright of FDC said: “Stefan and Jack have gone from zero to four sites in just three years, demonstrating their ability to build a successful business from scratch. There is potential for them to grow the business further by winning new approvals and new clients and opening new sites in Midlands cities where there is a shortage of capacity for vehicle repairs. We are pleased to be able to support their growth plans.”
