Leaseway Vehicle Rental was founded in 2003 and currently has branches in Glasgow, Newcastle, Leeds, Birmingham and Manchester.
It has now secured £90 million in debt and equity to help fund its expansion plan. Company bosses say the funding will help the company to open additional ‘mega’ branches next year, establishing it as the UK’s largest privately-owned light commercial vehicle hire company, and ranking it third in the light commercial fleet hire sector.
Leaseway operations director Jim Forrester said: ‘For a company that is only two years old, we have achieved very strong growth in the market.
‘We have a very experienced senior team, we manage our asset process and we provide a very competitive service for our customers.
With the additional funding in place, plus the opening of several major hubs in the south, we expect in the next 12 months to become one of the largest players in this market.’
The company was founded by managing director James Conway, formerly a director of vehicle hire group TLS.