Pace Van Hire is expanding its fleet with the help of a £3.5m asset finance facility from HSBC UK.
The London-based family business has used the funds to equip its new Eltham site with rental vans and expand its existing fleets across its New Cross and Croydon branches.
The move is expected to increase turnover by a third over the next year.
Pace Van Hire’s fleet currently consists of 220 vehicles, an increase of 40 vans since the launch of the Eltham site in February, and is planned to reach 300 by the end of 2023.
Owner Louis Verrico said: “The shortage of vans in the UK has meant purchasing them as soon as they become available is vital.
“The HSBC UK asset finance facility provides us a pot of money to draw from when we need it, so we can move swiftly when an opportunity to increase our fleet arises.
“We primarily cater to private individuals who are moving house, taking a trip to the tip or driving kids up to university. We rely on the loyalty of our local customers, so we need to be able to offer the up-to-date modern vehicles, and with HSBC UK’s help we have been able to purchase the best vans on the market.”
Jason Mowe, area director for South and East London Business Banking at HSBC UK, commented: “We’ve supported Pace Van Hire for the past 15 years, and have seen how the owners have successfully adapted their business model to meet changing customer demands.
“This has allowed the company to grow and expand, even throughout lockdown and the current cost-of-living crisis.”
