UK firm Access Hire and Finance, a provider of credit hire services to road traffic accident (RTA) victims, has secured a £750,000 invoice finance facility from Secure Trust Bank Commercial Finance (STB).
Established 11 years ago, the Greater Manchester-based business is a leading supplier of hire cars to victims of road traffic accidents. It employs 27 staff and also assists with accident related finance, helping to fund repairs and maintenance for car garages.
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The company achieved turnover of £3.6m in the year to November 2014 and is expected to see its revenue jump to £4.2m in its current financial year as a result of the additional funding, according to a statement from STB
With around 193,000 road accidents in the first half of 2014, the demand is high for replacement vehicles. The facility will help the company free up vital cash flow and pay off existing debt, enabling the firm to expand its offering in this growing market.
Chris McCormack, director at Access Hire and Finance, said: "We operate in a niche sector that doesn’t fit the criteria for funding set by the big banks.
"Having this new facility in place provides us with the headroom to focus on the day-to-day running of the business and puts us in a much stronger position to achieve our growth objectives."
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