A VEHICLE rental firm is looking to increase its sales by £1m next year after expanding into the MoT and service market.
Durham Van Hire, which provides 60 hire vans for short and long-term contracts, has converted part of its existing premises at Langley Moor to include MoT and car repair services.
The firm used an undisclosed sum from Boost Capital to pay for the new centre and has added four full-time staff to support the MoT and car repair arm of the business, taking its workforce up to 12.
Established 30 years ago, the firm has enjoyed year-on-year growth for the past six years and co-director Neil Carr says there’s no time like the present to embrace expansion.
He said: “As a business we decided that there was no reason to let a challenging economic environment slow our growth, in fact it offered us a great opportunity to expand our services.
“This has turned out to be the right time for us to push into a new market and make better use of our existing premises by accessing some growth capital.
“We were sending our own vehicles elsewhere for services and it wasn’t cost-effective.
“Not only does it save us money but it also provides an extra revenue stream for the company.
“The expansion has also provided considerable work for local office fitters, ground workers and equipment installation service providers.
“Our sales last year came back at £2m but there’s no reason why we can’t up that to £3m next year.
“We’ve grown from just two people in a small office into a fully integrated service with lots of different income streams.”
Boost Capital supports small firms such as Durham Van Hire, to grow their sales and access funding that they may need to invest in new equipment, stock, marketing, remodeling or expansion.
Business owners who accept credit and debit cards as a form of payment can qualify for an offer of advance of £5,000 to £500,000 in 24 hours and can receive funds in as little as ten days from making an initial enquiry.
David Abbott, managing director of Boost Capital, said: “We were impressed by the management team at Durham Van Hire and their expansion plans, and were very keen to support their plans for growth.
“The team has a strong vision, a great track record and therefore I am certain that they will do very well as they expand their existing services into the MOT and repair market.”