LCV Hire Solutions Ltd, a Loughborough, UK-based flexible van hire company, received a £7.5m investment.
Business Growth Fund made the investment. As part of it, Ian Downing, an investor at BGF, joined the Board.
The company intends to use the funds for the continued expansion of its fleet
LCV Hire Solutions, which trades under the Reflex brand, operates a fleet of light-commercial vehicles and fleet cars. Reflex provides its corporate customers with national, round the clock services and also offers a range of duty of care products, marketed under the “Flexi” brand, including tracking systems, cameras and driver safety products.
The company currently has 3,500 vehicles in its fleet and aims to grow this to 10,000 over the next five years.
Reflex was acquired in 2012 by the Waring Family and is led by Executive Chairman Oliver Waring who, with Managing Director Charles Hart, has managed the business through a period of significant growth.