A commercial funding package from Yorkshire Bank has allowed Easi-Drive to expand its accident management rental fleet.
The company, part of the Edam Group, has grown its fleet of accident and repair vehicles from 850 to 1400. Approximately 200 of these were as a result of the bank’s funding.
The funding will also support future business acquisitions and property purchases by the Edam Group, which also expects to recruit up to 60 employees over the next year in a variety of roles.
The deal was arranged by Stephen Cox, relationship manager and Amanda Miller, asset finance manager, at Yorkshire Bank’s business and private banking centre in Manchester.
Edam Group caters mainly for the B2B market, helping process claims for road traffic accidents while providing mobility and repair solutions. Easi-Drive supplies a range of replacement vehicles to drivers across the UK. The group serves approximately 1,000 customers per month and employs 230 staff.
Edam Group recently experienced a period of significant growth and recorded a turnover of £35m for 2015, up from £27.5m in 2014. The firm’s head office is based in Manchester with three more depots in Hitchin, Horsham and Bristol.
Managing director Steve Turner said: “We’ve worked with Yorkshire Bank for about eight years and have a great relationship with the team. Continued growth is a major goal on our agenda and this funding gives us the flexibility to take advantage of future opportunities while significantly investing in recruitment.”
Sean Williams, head of Yorkshire Bank’s business and private banking centre, said: “Edam Group is a highly-regarded company in Manchester which has won a number of awards. In the last year, the company grew staff numbers by 20% and is now looking to increase that number even further during the next 12 months. The business’ growth looks set to continue and we are proud to have provided funding to support future developments.”