£1.5m investment will help vehicle supplier grow
By Sarah Wood | 25th September 2018
A Gloucestershire refuse vehicle supplier has secured a £1.5 million finance package from HSBC UK to expand its business and meet growing demand from customers.
Refuse Vehicle Solutions, which supplies refuse trucks, municipal vehicles and dustcarts to waste collection businesses across the UK has used the funding to double its workshop capacity at its national hub in Dursley.
Five new service bays have been constructed, allowing the firm to repair and maintain an increasing number of refuse fleets, as its client base continues to grow.
HSBC UK's latest cash injection follows a £1 million finance package secured in 2017 to add a fleet of brand new trucks, which customers can either buy or hire. The company now supplies new, used and remanufactured refuse vehicles across depots in Birmingham, London, Oxfordshire, Devon and Cornwall.
Spencer Law, managing director of Refuse Vehicles Solutions, said: "We're very excited to be expanding our service provision in Gloucestershire and we're incredibly grateful to HSBC UK and our relationship manager, Jamie Lait, who have supported our ambitious business plans."
David Butler, HSBC UK's area director for Bristol, Gloucestershire and Wiltshire, said: "Our funding has not only enabled the business to increase capacity, but has also freed up cash which will be used to fulfil new and exciting contracts.
"We're delighted to have supported the team at Refuse Vehicle Solutions for the last five years and look forward to seeing them reap the rewards of their growth."
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