Reflex Vehicle Hire becomes family-owned after £16.5m share buyback
Loughborough-based Reflex Vehicle Hire has become a family-owned business after a £16.5m buyout of minority shareholders.
The B2B van rental specialist used £6m of its own money along with £10.5m of funding from HSBC UK to buy back 31% of its business from investment company BGF and independent investor Stewart Oades.
Reflex Vehicle Hire is now 92% family-owned and controlled by the Waring family, working alongside two individual shareholders.
The business, which brings in a revenue of £45m a year, is now aiming to grow at a rate of 10% a year over the next four years – it then plans to list the company on the UK stock market.
Chairman Oliver Waring said: “This is an exciting time for our business. We’re really pleased that the share buyback was a smooth and beneficial transaction for all involved and we’re grateful to HSBC UK for making it possible.
“Having greater ownership of the company gives us far more flexibility. We’re now looking forward to embarking on a measured growth strategy, as well as focusing on new products that will help to make our business more sustainable and improve driver safety.”
Founded in 2012, Reflex has a fleet of nearly 6,000 vehicles, used by customers in sectors including telecommunications, infrastructure and utilities. It also offers 24/7 breakdown recovery support 365 days a year.
Ben Foster, relationship director at HSBC UK, said: “Reflex Vehicle Hire’s success demonstrates how innovation and a customer-centric approach can lead to strong growth and stability – even in challenging times. It’s great to see the business return to being family owned, and we look forward to seeing the journey that the Waring family take Reflex Vehicle Hire on in the years ahead.”