Coach company expands fleet through Hire Purchase agreement
A growing coach company has successfully financed a new 54-seater coach through a Hire Purchase agreement with Close Brothers Asset Finance.
Customer background
Reading & Wokingham Coaches was established by Robert Tappin in December 2021. The business primarily focuses on providing rail replacement bus services, ensuring commuters can reach their destinations efficiently during rail disruptions.
Following increased demand from customers, Robert recognised an opportunity to upgrade his fleet with a larger coach to accommodate more passengers and improve service delivery.
Finance solution
Robert decided to replace a smaller coach with a new, larger Scania 54-seater, and approached Alan Cardy, Senior Sales Manager in Close Brothers Asset Finance's National Accounts team, for a financing solution.
Alan recommended a Hire Purchase agreement, enabling the business to secure the new coach and spread the payments across a fixed period. This approach made budgeting more manageable and ensured the company would own the asset outright at the end of the agreement.
The outcome
The new coach has helped Reading & Wokingham Coaches to meet the increased demand, enhancing their service and capacity.
Alan Cardy, Senior Sales Manager, commented: “It has been a pleasure working with Robert and assisting his business's growth. By using Hire Purchase we were able to facilitate the funding of their new coach, helping to meet their expanding business demands.”
Robert Tappin, Director of Reading & Wokingham Coaches added: “We are delighted with the recent agreement for financing our new 54-seater coach. As a rail replacement bus service operator, having sufficient capacity to serve our customers promptly is vital. Alan and the team at Close Brothers Asset Finance were incredibly helpful, and I will not hesitate to approach them again if we require finance in the future.”
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