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06 / 10 / 2016

HH Asset Finance helps Caldicot vehicle recovery firm triple in size in five years

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A Gwent vehicle recovery business has tripled in size in just five years with support from Newport-based HH Asset Finance.

Caldicot Fleet Maintenance Recovery now boasts 50 heavy and light recovery vehicles, up from just six trucks in 2011.

The Monmouthshire-based company, which employs about 60 staff up and down the country, was able to expand its operations with funding from HH Asset Finance, which is based at Langstone Business Park.

 

HH Asset financed the purchase of a number of new vehicles, some of which were worth up to £200,000.

Caldicot Fleet had won a series of large new contracts and needed more trucks to fulfil the contracts but did not have the ready capital to fund this growth.

With HH Asset Finance providing the cash up-front, Caldicot Fleet was then able to spread the cost over a longer period.

Gavin Edwards, Operations Director at Caldicot Fleet, started working with HH Asset Finance two years ago after losing patience with the high street banks.

He said: “I was having very little success getting the sort of funding we needed from the high street banks. They wanted loads of paperwork, there were endless checks and everything seemed to take a very long time.

“We approached HH Asset and they were really open minded and friendly and listened to what we wanted to do. They understood the business and got a funding package in place really quickly.

“The team at HH Asset provided great support, you can always get hold of someone. Dealing with them was hassle free.

“Their financial support has allowed us to expand our business.”

Matt Jones, head of HH Asset Finance, said: “We are a business run by entrepreneurs not by bankers, giving us a proper understanding of the issues our clients face.

“We want to see businesses succeed and as an independent lender we are able to tailor our financial packages to suit different needs.

“Caldicot Fleet is a great example of a strong business that clearly merited our support. Access to prompt and competitive funding is vital and we are delighted to be able to contribute to their ongoing success.”

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