Business Growth Fund, the UK-based growth equity fund backed by five of the country’s largest banks, has invested £7.5m ($11.8m) in LCV Hire Solutions, the UK-based operator of vehicle hire service Reflex.
Reflex operates a fleet of more than 3,500 light commercial vehicles and cars that it plans to expand to 10,000 in the next five years. It rents the vehicles out to corporate customers, and also provides tracking systems, on board cameras and driver fatigue monitors.
Oliver Waring, Reflex’s executive chairman, said: “Over the last 12 months we have increased the size of our fleet by close to 1,000 vehicles.
“As we look to pursue further growth, we wanted to find a long-term, stable and supportive partner that could bring an extensive network of experience and external discipline to bear on the business.”
– Photo courtesy of LCV Hire Solutions