LANARKSHIRE company TOM Vehicle Rental has unveiled plans to invest more than £130 million in its fleet this year, as it targets further rapid growth.
The company, which was founded by Jim Rafferty and is based in Airdrie, announced plans to add more than 2,500 light commercial vehicles, 700 trucks and 500 trailers to its nationwide rental fleet by making this investment.
The investment is a key part of TOM's plans to double the size of its fleet during the next three years, from about 9,000 to around 18,000 commercial vehicles.
TOM, which employs about 530 people and has Scottish entrepreneur and investor Hugh Stewart on its board, highlighted an average utilisation rate of 94 per cent on its rental fleet in recent times.
The latest available accounts from TOM Vehicle Rental show the company's turnover rose to £98.5 million in the year to March 31, 2014, from £62.3m in the prior 12 months.
Pre-tax profits climbed to £1.63m from £1.3m.
Robert Stewart, group managing director of TOM, said: "Our intention is to double our fleet size in the next three years. During 2015, we will continue to strengthen our business to prepare for further growth, with some key additional locations in the pipeline."
He added: "Our dynamic and progressive management team have a robust strategy in place to ensure that we achieve our goal with our focus remaining firmly on delivering excellent customer service and excellent commercial vehicles."
TOM said: "The business is grateful for the support of all of its customers, funding partners and key manufacturers...Mercedes-Benz, Ford, Citroen, DAF, Montracon, Vauxhall and Scania and their respective dealer networks."
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