Paragon Bank's SME Lending division has supported accessible vehicle rental specialist London Hire Ltd with a £4 million funding facility to expand its fleet of wheelchair-accessible minibuses, according to a press release from the lender.

The funding will enable the London-based company, established for over 40 years, to purchase vehicles based on Mercedes, Iveco, and Peugeot chassis. This expansion will help the company fulfil existing contracts and accommodate new clients.

London Hire Group, which generates an annual turnover of approximately £40 million and employs over 700 staff nationwide, operates a fleet of 1,750 vehicles.

It is the UK’s largest independent provider of fully accessible mini-buses and mini-coaches, collaborating extensively with local authorities, including most London Boroughs and councils across southern England. The company also works with charities, community transport providers and patient transfer services, in addition to offering private hire.

The transaction was led by Tracey Cronin, Business Development Manager in Paragon’s SME Lending Vendor Team.

Nigel Farr, Group Managing Director at London Hire Ltd, highlighted the importance of the partnership: “Paragon has demonstrated a genuine interest in our business. Their support will drive our continued growth as we work with councils and private clients to deliver safe, accessible transport that promotes social inclusion across the UK. The process was seamless thanks to Tracey and the Paragon team, and we look forward to expanding our fleet further with their assistance in the future.”

Tracey Cronin added: “London Hire Ltd plays a crucial role in providing specialist transport for communities nationwide. We were delighted to help them expand their operations and look forward to continuing our relationship as they grow their fleet.”

"Paragon Bank provides £4m funding to London Hire Ltd" was originally created and published by Leasing Life, a GlobalData owned brand.

 

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