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Using funds secured with the help of Lancashire County Council’s finance service, Access to Finance, the business, based in Darwen now hopes to continue its expansion.
East Lancashire Vehicle Storage Solutions was established in March 2022, using personal funds to get up and running.
The business provides customers with secure indoor storage, on-site servicing, MOT preparation, minor repairs, tyre replacement and repairs, alloy wheel repairs, valeting, detailing, tracker fitting as well as vehicle recovery and transport.
With a growing list of clients and plans in place for expansion, owners Collette and Dave Edmondson knew that to truly maximise available space they would have to install a number of new ramps that would allow them to improve their overall capacity for vehicles from 26 to 36.
Dave said: “It became clear very early on that in order to facilitate our plans for growth, we would need to secure additional finance from somewhere.”
Dave then got in touch with Boost; Lancashire’s Business Growth Hub and was referred to Access to Finance Lancashire by Boost’s Growth Support Service.
“We found out about Access to Finance after contacting Boost Lancashire, who gave us loads of helpful advice and pointed us in the right direction, which is when we were introduced to Mark from Access to Finance,” he added.
Access to Finance undertook a diagnostic on the level of funding that East Lancashire Vehicle Storage Solutions needed and determined that a start-up loan from the British Business Bank would be most appropriate.
Mark then worked with Dave and Collette to generate a comprehensive business plan and cash flow model to support with the application, as well as liaising with GC Business Finance, the national business support partner for the British Business Bank’s Start Up Loan scheme, concerning any queries and amendments needed.
The £25,000 start-up loan was approved from GC Business Finance within two days of submission with funds in the company account within seven days. It has been spent on five new double ramps and a set of high-quality branded car covers to uniform and protect vehicles when in storage.
The company is now set on organic growth and has recently recruited two new employees on a full and part time basis. With the additional staff and storage capacity, the company hopes to see an increase in revenue of 30 to 40 per cent.
The extra revenue will assist in the retention and development of new employees, and provide training where required, with plans for further expansion across Lancashire and the North West in the future.
Mark Gibbons, senior Access to Finance specialist, said: “East Lancashire Vehicle Storage Solutions is a clear example of how Access to Finance supports the growth of SMEs in the region, by helping them gain access to additional funding.
“Collette and Dave have ambitious plans and are already reaping the business benefits of the new infrastructure. We’re continuing to offer the company advice and guidance as they grow.”
Access to Finance Lancashire is available to Lancashire businesses and is fully funded by Lancashire County Council and the European Regional Development Fund.
It is operated by a team of former banking professionals and finance experts which works with businesses to understand their needs, identify their finance options and help them secure finance suited to their ambitions.
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