Double-digit growth for vehicle rental firm
Vehicle rental firm Nexus has delivered double-digit growth in revenue and profit for the fourth consecutive year.
Nexus Vehicle Rental employs around 100 from its base in Leeds and a site in Uxbridge and this year launched into the HGV market and furthered its product innovation. It has also taken on almost 100 new clients so far this year.
The firm has reported the growth in the year up to 30 September, up from its annual revenue of £52m last year.
Nexus offers daily, short, medium and long-term rental with access to over 550,000 vehicles, including 100,000 specialist and commercial vehicles and 50,000 HGVs across 2,000 UK locations.
David Brennan, CEO of Nexus, said: “To record a fourth consecutive year of double digit revenue and profit growth is testament to our people, our service partners and our technology. As a highly ambitious and high growth business we have continued to invest in our technology and in developing industry-leading vehicle rental and business mobility solutions while delivering sustainable growth.
“In the consumer market a paradigm shift in the way we consume products and services is taking place. People are moving away from ownership in favour of usership, examples being subscription services like Netflix and mobile phone contracts for Smartphones. This mentality is gradually percolating though to the B2B market and due to the scalability and agility of our single source platform we are well placed to respond to ever-changing demand by adding new vehicle categories to our roster as and when customers want them.”
Founded in 1999, Nexus has achieved consistently high growth year-on-year and has also appeared in the Sunday Times Profit Track 100 twice.
The business underwent a shareholder buyout in 2015 when private equity firm Bowmark Capital bought out previous investor Livingbridge, for £51m. Bowmark specialises in UK growth companies valued up to £150m, backing experienced management teams to build world-class businesses.
