Stoke-on-Trent Central MP Jo Gideon has visited local business Prohire to find out how private equity and investment is helping drive its growth.
The company, a specialist in commercial vehicle contract hire and fleet management solutions, has grown exponentially since NorthEdge Capital acquired a majority stake in 2018 via a management buyout.
The investment is fuelling its expansion plans and its work to lead the charge in sustainable vehicle hire. The company now employs over 80 people across its head office in Stoke-on-Trent and depot in Tunbridge Wells and has invested in a new Vehicle Maintenance Unit (VMU) at each site.
Prohire also launched its sustainable vehicle hire and alternative fuels division in 2021. Dubbed ProGreen, it supports customers in achieving their net zero ambitions by decarbonising fleets through the deployment of zero-emission vehicle technology. ProGreen supported over 450 businesses to develop their fleet ESG strategy in 2022.
ProGreen has also enabled Prohire to add electric, hybrid and connected vehicles to its fleet. Over 10% of new vehicles deployed by Prohire on its contract hire fleet featured an alternative technology in 2022, with a target to increase this to 30% in 2023.
Pat Skelly, CEO at Prohire, said: “It was a great pleasure to host Jo at Prohire and show her what we’ve been able to achieve in the last five years thanks to the investment by NorthEdge Capital. It’s an exciting time for the Prohire Group as the business grows, particularly in the areas of sustainable vehicle hire and alternative fuels.
“We were able to discuss the part we’re playing in helping the Government reach its Green Industrial Revolution deadline and net zero targets. We also talked about being a proud employer in Stoke and our commitment to finding and training new talent from the local community, particularly for highly skilled technical roles.”
Jo Gideon, MP for Stoke-on-Trent Central, said: “I was genuinely impressed by my visit to Prohire. Witnessing their remarkable growth and sustainability efforts was inspiring. Their dedication to local employment and their alignment with the Government’s net zero targets are truly commendable. Prohire serves as a shining example of how private equity can drive positive change and bolster thriving businesses within our community.”
