London-based Ace Rent A Van UK has strengthened its fleet with the support of a six-figure asset finance facility from HSBC UK.
The facility has supported the purchase of 30 new ultra low emission vans, to meet the new London-wide Low Emission Zone standards announced by The Mayor of London in March. With the new additions, the company now boasts a fleet of over 200 self-drive vans.
The third-generation family business, which began in New Cross in 1950 specialising in car sales, has adapted over the years and now provides affordable van hire across South London and Croydon.
Paul Verrico, Company Director at Ace Rent A Van UK, said: “We’ve continuously looked to adapt our business to cope with economic downturns. Over the last eight-months in particular we’ve seen substantial growth across our van rentals as home delivery services have evolved and house moves have increased in line with the stamp-duty holiday.
“The new ultra low emissions measures could have really stunted the potential growth in our business. However, HSBC UK’s support, and the support of our Relationship Manager Deepa Murali, has enabled us to continue to diversify and allowed us to strengthen our fleet. These additions will not only ensure we meet the new legislation requirements but also continue to deliver the best possible service provision to our customers.”
Jason Mowe, HSBC UK Area Director for South East London Business Banking, added: “We were delighted to support Ace Rent A Van UK with an asset finance facility to enable the purchase of additional low-emission vans to further support and strengthen its business. As the sector continues to bounce-back, it’s great to see the company continue to thrive and we look forward to working with them to support their future franchising and growth ambitions.”
The company currently boasts two branches in New Cross and Croydon, and employs 15 colleagues.