GAP Group has received £6 million of bank funding to launch its new vehicle hire business.
The Glasgow plant and equipment hire specialist said it secured backing from Barclays to launch the new venture as well as complete the acquisition of Central Vehicle Rental.
That deal, identified by bankers at Barclays, allowed GAP to start in the market with a fleet of 1,000 vehicles.
Ally Scott, managing director at Barclays Corporate Banking in Scotland, said: "While GAP Group is an established name in the equipment hire sector this is essentially a start-up business. We understood their vision and looked at where we could add value as the funding partner. Vehicle hire is a capital intensive business and by bringing the two companies together, we allowed GAP to access a ready-made quality fleet.
Douglas Anderson, joint managing director of GAP, said: "We have had vehicle hire in our sights for a long time and see this venture as another step forward to offering our customers a total hire solution. "The synergies of both businesses will allow GAP Vehicle Hire to benefit from our current customer base to become a truly national business throughout the UK."
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