Van rental company Reflex raises £7.5m from BGF
Loughborough company will look to grow its fleet of cars and commercial vehicles
National van rental business Reflex has secured £7.5m growth capital from the Business Growth Fund (BGF) to support the expansion of its fleet of cars and light commercial vehicles.
Based in Loughborough, Reflex provides corporate customers with commercial vehicles as well as a range of duty of care products including tracking systems, cameras and driver safety products.
The company was acquired in 2012 and is led by executive chairman Oliver Waring, alongside managing director Charles Hart. Using the finance, the company is aiming to grow its current 3,500 strong fleet to 10,000 vehicles over the next five years and become market leader in the flexible rental sector.
Waring commented: “As we look to pursue further growth, we wanted to find a long-term, stable and supportive partner that could bring an extensive network of experience and external discipline to bear on the business.
“BGF’s approach to investing is the right fit for the business and we are delighted to bring them on board.”