An Ormskirk business which specialises in providing replacement vehicles to drivers involved in motor accidents has secured a multi-million pound finance package from Yorkshire Bank.
Direct Accident Management Ltd provides cars and motorbikes to drivers across the UK involved in non-fault collisions through its network of garages, body shops and insurance brokers.
The £14m turnover business, which has a fleet of 600 cars and 225 motorbikes, has secured new banking facilities including working capital funding and hire purchase finance for new vehicles from Yorkshire Bank’s Manchester Financial Solutions Centre.
It will allow the company, which has 105 employees and operates across the UK, to significantly increase the size of its fleet and expand the business into new areas.
Chris Pestell, business development partner at Yorkshire Bank, said: “Direct Accident Management has grown significantly in recent years to become a nationwide operation with an incredibly effective business model. The funding we are providing will allow the business to take advantage of new growth opportunities as it continues its expansion.”
Ian Robins, managing director of Direct Accident Management Ltd, said: “These new banking facilities provide us with the right mix of financial support to meet the growth requirements of the business. The working capital funding means we can further increase the size of our fleet and offer our services to an even larger number of motorists.”
Direct Accident Management Ltd was founded in 1996 with a fleet of just six vehicles.
It now offers a 24-hours-a-day, seven-days-a-week service across the UK using a wide selection of replacement vehicles, including prestige cars and commercial vehicles.
As well as its head office in Ormskirk, the company has a vehicle distribution centre in Hatfield, Hertfordshire, to service the south of England.