Business loan boosts police car livery manufacturer
A Hull-based company that supplies vehicle livery to the police and emergency services has received a Business Loan from Finance Yorkshire.
Vehicle Livery Solutions, formed in 2009, manufactures and applies liveries for over a quarter of the police forces across the UK. It also supplies private clients include advertising business Clear Channel and Volker Rail.
Finance Yorkshire’s investments to date have created and safeguarded 9,240 jobs across Yorkshire and the Humber and generated private sector leverage of some £167 million.
Vehicle Livery Solutions – a £800,000-turnover business – produces a range of reflective chevrons that enhance the visibility of vehicles. This is a growing market because of new legislation, which demands that all vehicles stopping on the highway for works or inspections are equipped with high visibility rear markings.
Liveries are produced by breaking down vehicles into panels. Designers then produce a kit of vinyl parts that fit the contours of the body of the vehicle.
The £35,000 Business Loan from Finance Yorkshire will fund additional working capital and has enabled Vehicle Livery Solutions to buy new vinyl cutting machines and a printer.
Jonathan Parkin, Finance Director, said: “We have had a very good start to the year with an increase in turnover and profitability. In part this is due to recent legislation that has increased demand for reflective chevrons, but we have also benefitted from a new website and improved efficiency from the new cutting machines.”
Finance Yorkshire Chief Executive Alex McWhirter said: “Our Business Loan investments consistently make a huge difference to the region’s SMEs, provided just at the right time to enable them to take their business to the next stage and grow even further. Our latest investment in Vehicle Livery Solutions demonstrates how Finance Yorkshire is continuing to invest in businesses across the Humber, contributing to the growing strength of the local economy.”
Ian Atkinson, Investment Manager at Finance Yorkshire, said: “We chose to invest in Vehicle Livery Solutions because it has a committed and experienced management team with an impressive track record. They are well-placed to take advantage of further growth in the market.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, UK Government and match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or call 0300 030 6060.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire