Multifleet Vehicle Management has secured a seven figure funding package from Santander Business Banking to expand its contract hire offering.
The firm, which is based in Warwickshire, said the expansion is key to the firm’s growth strategy and will result in an additional three new employees.
Established in 2011, Multifleet has seen strong growth with a turnover in excess of £10 million - a figure the business is aiming to double within two years.
Contract hire and leasing through the Multifleet business has grown to more than 1,100 vehicles in the last 12 months. The business provides fleet management services, through its Run Your Fleet brand, for 25,000 vehicles to over 1,200 UK-based businesses.
The Run Your Fleet service includes vehicle breakdown and recovery, daily rental, vehicle telematics, servicing, general maintenance and repair. In an effort to move towards a greener and more emission friendly vehicle, customers are now offered to trial plugin-hybrid style cars.
Steve Whitmarsh, managing director at Multifleet, said: “We are on an exciting journey and we expect to see significant growth in the coming years as we enter new markets. Our turnover has already grown to more than £10m, and we expect this to double over the next two years.
“Santander took the time to understand our business, the journey we are on and we expect to work closely with the team to achieve our ambitious plans. The approach from Santander is refreshing, the funding will help us to focus our efforts and expand our business further.”
Michael Graham, business relationship director for Santander Business Banking, said: “We are thrilled to be able to provide Multifleet with the support they need to grow and expand their contract hire offering.
“Santander’s excellent relationship with the management team at Multifleet helped us develop a greater understanding of the business’ ambitions and growth aspirations and we look forward to working with them in the future.”