Supporting an expanding business
Practical Car and Van Rental Northeast provides car hire and van rental in Stockton on Tees. The company work with a variety of clients including members of the public, sole traders, breweries and couriers.
With business going well, the company planned to expand upon their existing fleet of 25 vehicles, which ranged from cars to 7.5 tonne vans, in order to better meet the needs of their customers. However, they needed a finance partner in order to embark upon their expansion plans.
The right finance
Upon recommendation from one of their suppliers, Javid Khazir and Hissnain Zabir, Directors at Practical Car and Van Rental Stockton contacted Alan Gibson at Close Brothers Asset Finance, to find out whether they would be able to assist with financing the new vehicles they needed to expand the business.
After discussing all options, Alan suggested a Hire Purchase agreement, which would enable Practical Car and Van Rental Northeast to spread the cost of their investment over the life of the assets, making it easier to budget going forward, and also providing them with the flexibility they required.
During the first 12 months of working with Close Brothers Asset Finance, Practical Car and Van Rental Northeast have been able to add 8 new vehicles to their existing fleet, therefore meeting the needs of their current customers, further expanding their customer base and increasing both flexibility and profits.
Commenting on the deal, Javid Khazir, Director at Practical Car and Van Rental Northeast said: “Alan at Close Brothers has been great to work with, providing quick decision-making and enabling us to expand our business in the way we wanted to. We have therefore continued working with Alan and Close Brothers Asset Finance to finance further vehicles.”