Fleet News

Leaseway plans major expansion

LIGHT commercial vehicle hire group Leaseway has secured a £160 million loan from Bank of Scotland Corporate to fund further expansion following a successful year.

The group, which has made several new appointments to aid the expansion, is planning to list on the Alternative Investment Market (AIM) next year and has announced a 200% increase in turnover from £23.1 million in 2005 to £45.5 million.

As part of the expansion plan, former operations director Jim Forrester has become managing director and Peter Busby joins as finance director.

Chairman Hugh Nash said: ‘Given that the company was a start-up less than four years ago, the growth to date has been impressive. This deal with Bank of Scotland Corporate will allow us to capitalise on the opportunity and continue to build value in the business.’

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