Santander team gets Motiva moving

STOKE vehicle group Motiva has announced a multi-million pound refinancing package with Santander’s corporate banking team in Birmingham.  

Motiva Group, which underwent an MBO in 2006, provides vehicle rental, contract hire and niche fleet management products. It has a fleet of more than 4,000 cars and its brands include M Way Vehicle Rentals and Litelease.

The bank has agreed to provide a multi-million pound package of lending and cashflow facilities that refinance existing facilities and prepare the way for further growth. Birmingham solicitors Martineau advised Santander.

Peter Davenport, Motiva’s group managing director, said: “Motiva has achieved rapid growth since our MBO in 2006 and the deal we have been able to arrange with Santander Corporate Banking puts the business in an excellent position to take advantage of any strategic opportunities presented by the current market.

“We have been really impressed by the team at Santander’s West Midlands centre and particularly Chris Hyde and John Simkins. They took the time to fully understand our business and the market we operate in, before discussing the support they could provide. I look forward to working with the Santander team as our relationship develops over the coming months and years.”

Chris Hyde, relationship director at Santander’s West Midlands Corporate Business Centre, said: “Santander is committed to supporting and building long-term relationships with strong, viable businesses such as Motiva. We have great confidence in the company’s management, business model and growth strategy, and we have developed a bespoke funding package including asset finance and term loan facilities to support Motiva through the next phase of its development.”