Bank helps town-based firm to expand across UK

A Loughborough-based vehicle hire company has expanded its operations across the UK with a HSBC UK supported acquisition.

Reflex Vehicle Hire has utilised a £18m funding package from HSBC UK to acquire Hireway Vehicle Rental in Wishaw.

The acquisition will see all Hireway Vehicle Rental staff maintained, increasing the Reflex Vehicle Hire team by 11 people, taking them to 115 employees, and adding 900 vehicles to its fleet.

The HSBC UK supported expansion will increase Reflex Van Hire’s fleet to around 6,000 commercial vehicles.

As a result of expansion, Reflex Vehicle Hire is anticipating a 19 per cent increase in turnover over the next 12 months.

Oliver Waring, Founder and Chairman of Reflex Vehicle Hire, said: “This acquisition has progressed our growth strategy ahead of schedule and unlocks some fantastic new opportunities for the business. We’re excited to work with Hireway Vehicle Rental staff over the coming months to cement our reputation as the first-choice provider for business customers.”

Ben Foster, Relationship Director at HSBC UK, said: “Reflex Vehicle Hire is a market leader in customer service and pushing sustainability in vehicle rental. HSBC UK are proud to support the business expand across the UK as they cross the border into Scotland.”

Reflex Vehicle Hire launched in 2012 and has been recognised with several industry awards for customer service, innovation and a commitment to ‘safety first vehicle hire’. In 2022, Reflex was award the title of ESG Champion of the Year