Practical Car and Van Rental is expanding its fleet with support from Barclays Corporate.
Birmingham-based Practical Car and Van Rental has moved its banking relationship to Barclays Corporate and has utilised an asset credit facility to purchase a fleet of new Vauxhall, Peugeot and small commercial vehicles.
In 1990 the company changed its name to Practical Used Car Rental and later in 1995 began franchising the business. The company now boasts 160 franchise outlets across the UK from Inverness to Torbay and across to Northern and Southern Ireland.
The company, the fourth largest provider of rental cars in terms of its geographical spread, prides itself on offering services in smaller towns and rural communities rather than large cities where many of its competitors operate. This enables them to provide the benefits of a national company with the dedicated service being offered by a local office.
Len Jones, finance director said: “The decision to move our banking relationship to Barclays Corporate was based on the fact that there was a genuine willingness to understand our business and the way we operate and to get to know the management team behind the process. The structure of the finance they have provided has enabled us to expand our existing fleet with the purchase of new vehicles. This will enable us to offer further franchise outlets, expanding Practical’s service offering.”
Richard Fray, relationship director at Barclays Corporate said: “From small beginnings to a company now operating in 160 outlets nationwide, Practical Car and Van Rental has a clear strategy for growth. I am delighted that we have been able to support them with the latest phase of their development.”