A VEHICLE hire firm is looking to triple its workforce over the next three years after receiving £135,000 in investment that will enable it to accelerate its growth plans.
Washington-based Car 2 U, which specialises in dual control and 4X4 vehicles, has been backed by the Finance for Business North East Accelerator Fund, managed by Northstar Ventures.
The funding will allow the firm to expand its workforce, which currently consists of six full-time and two part-time staff, by 15 as it looks to break into a number of new business and commercial sectors.
The business supplies vehicles to driving schools and accident management companies, as well as private individuals, and will now look to grow its back-office and sales capabilities.
The new funding will also be used to develop bespoke software within the firm which will be linked up to mobile devices used by its delivery drivers to monitor vehicle availability, minimising paperwork and admin costs.
Managing director Gillian Frary said: “We have invested a lot of time and money in this software which helps us to better-manage the business and deliver a very high standard of service to customers by providing them with near real-time electronic information.
“The new investment gives us the opportunity to broaden our fleet, offer new and existing customers a better range of vehicles and help us maintain our already high levels of customer service.”
Northstar’s investment was supported by the European Investment Bank, One North East and the European Regional Development Fund.
Northstar representative Rebecca Crawford said: “We are delighted to be working alongside Car 2 U. It is a very exciting, young North East-based company, and has a great opportunity for growth within the market. Our investment will help it to expand its fleet and workforce, enabling it to operate at its full potential.”
Mark Irving and Ian Lawson of Irving Ramsay Limited provided corporate finance advice to Car 2 U, introducing the investment opportunity to Northstar and supporting the company through the funding process from business plan to legal completion.
The company was advised by Ward Hadaway Solicitors and Paul Lowson of PL accountancy, and Northstar by Watson Burton.
