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Hire Purchase - MP Motor Rentals Ltd

Close Brothers Asset Finance provide a Hire Purchase finance agreement for MP Motor Rentals Ltd

An established brand

MP Motor Rentals Ltd is a franchisee of Practical Car & Van Rental, the UK’s fourth largest vehicle rental company.

Based in London, they offer short or long-term hire options on a range of vehicles, including cars, motor homes and commercial vans, to both the public and to private businesses.

Planning for expansion

With two successful branches already in operation, MP Motor Rentals sought to expand their business to a third location.

After researching premises for several years and negotiating with landlords, the company secured a new site close to Heathrow Airport.

With the lease confirmed, MP Motor Rentals now required funding to purchase the stock for this new branch.

A bespoke financial solution

Having worked together since 2009, MP Motor Rentals approached Close Brothers Asset Finance and applied for credit to fund the vehicles at the new site.

A specialist team from their local Close Brothers Asset Finance office visited the business to build an understanding of their latest needs and financial requirements.

Within 24 hours an agreement was put in place and a substantial credit facility was secured against the value of the new vehicles. The deal was structured so that the company didn’t have to offer payment up front on each vehicle, and allowed for VAT delays and balloon payments.

A new branch and a growing workforce

MP Motor Rentals officially opened their new premises in February 2015 with a full range of new vehicles on site and available for hire. They have recruited four new staff members and continue to update their existing fleet with the help of Close Brothers Asset Finance.

Manjit Cheema, Director at MP Motors said: “Without the assistance we received from Close Brothers Asset Finance it would have been almost impossible to open our new branch. The help from the team has been fantastic and thanks to the quick turnaround time of 24 hours, we were able to get up and trading as soon as possible."

Penny Dee, Regional Sales Manager for Close Brothers Asset Finance said: “With the customer’s proven ability to run two highly successful Practical Car & Van Rental sites, we’re confident that this new branch will be equally prosperous.

“We’re proud to support MP Motor Rentals as they expand and we look forward to working with them again into the future.”