Multifleet secures new funding to expand contract hire offering
Multifleet Vehicle Management has secured a seven-figure funding package from Santander Business Banking to expand its contract hire offering.
Established in 2011, the business offers a range of fleet management services, through its Run Your Fleet brand, for 25,000 vehicles to more than 1,200 UK-based businesses.
The business currently has turnover in excess of £10m and is looking to double this within two years.
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. 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.”
The Run Your Fleet service includes vehicle breakdown and recovery, daily rental, vehicle telematics, servicing, general maintenance and repair. Customers are also now being invited to trial plug-in cars under a subsidised trial to help drive greener motoring.
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