A WISHAW vehicle rental business has been acquired by a Loughborough-based sector stablemate.

Reflex Vehicle Hire has used an £18 million funding package from banking giant HSBC to acquire Hireway Vehicle Rental in Wishaw.

The acquisition will see all Hireway staff continue, increasing the Reflex workforce by 11 to 115 employees. It will add about 900 vehicles to Reflex’s fleet. HSBC noted that Reflex would have around 6,000 commercial vehicles following the deal.

As a result of the expansion, Reflex is anticipating a 19% increase in turnover over the next 12 months.

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Oliver Waring, founder and chairman of Reflex Vehicle Hire, said: “This acquisition has progressed our growth strategy ahead of schedule and unlocks some fantastic new opportunities for the business.

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"We’re excited to work with Hireway Vehicle Rental staff over the coming months to cement our reputation.”

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Ben Foster, relationship director at HSBC UK, said: “Reflex Vehicle Hire is a market leader in customer service and pushing sustainability in vehicle rental. HSBC UK are proud to support the business [to] expand across the UK as they cross the border into Scotland.”

Reflex Vehicle Hire was launched in 2012.