Vehicle rental provider targets accelerated growth following new investment
Shropshire-based car and light commercial vehicle rental provider Bayfield Vehicle Hire is welcoming new investment as it targets plans to more than double the size of its vehicle fleet in the next three years.
In a deal supported by FRP Corporate Finance, the business is set to benefit from new investment from HRM Holdings. Bayfield Vehicle Hire, which currently employs 7 staff, provides car, van and minibus hire to individuals and businesses across the UK, with offices in Telford, and Shrewsbury.
HRM Holdings is headed up by managing director Peter Mellor, who has more than 20 years’ experience in the automotive industry. This includes holding senior positions at Smart Fleet Solutions, Cazoo and Proximo Group.
FRP Corporate Finance, led by Daniel Brecker and Amy Murphy, acted as buy-side advisors to HRM Holdings. The team provided negotiation support and managed all aspects of the deal from valuation to funding and structure.
The deal will enable Bayfield to pursue further growth, with plans in place to expand its vehicle fleet by around 40% by 2025, and to have doubled it by 2027. The business also has funding in place to expand geographically through a combination of continued organic growth and strategic acquisitions.
Daniel Brecker, director at FRP Corporate Finance, said: “Fleet investment continues to drive overall growth in the automotive sector, with the LCV vehicle market recently recording its best performance in three years. LCV hire providers are attracting significant interest when it comes to M&A, including opportunities to supply the increased demand for electric vehicles with this latest investment in Bayfield highlighting the appetite for businesses with strong fundamentals and a solid customer base.
“This additional funding, alongside Peter’s experience, makes it an exciting time for the business and I wish the team the best of luck as it looks to execute its growth plan.”
Peter Mellor, managing director at Bayfield Vehicle Hire, said: “Bayfield Vehicle Hire is a business with a strong reputation locally, which gives us a solid base from which we can pursue our growth ambitions while maintaining the quality service Bayfield is known for.
“The advice from Daniel and Amy at FRP Corporate Finance was incredibly valuable. Their support at every stage helped us complete this deal in a timely manner and gives us a springboard to follow through with our exciting plans for the business.”
