City Car Club gets funding for 50% fleet increase

City Car Club has raised £1.8m to fund a 50% fleet expansion.

The new investment for the pay-as-you-go car business has been raised from existing private investors and consists of £1.2m of new finance and the conversion of £600k of loan notes.

James Finlayson, City Car Club MD, said; “Our strategic acquisition of WhizzGo, combined with a 90% growth in membership over the course of the last 12 months, meant we needed additional funding to keep up with demand. We are looking to grow our 500 strong fleet to 750 into 2011 and increase membership from 16,000 to over 25,000.”

City Car Club has it largest operation in London and also highly successful and growing operations in Edinburgh, Leeds, Manchester, Brighton, Bristol and seven other cities. The club is also opening up new operations in Cardiff and Glasgow later this year.

City Car Club is set to hit month on month profitability from Q4 2010.