Pictured above: (l-r) Nicki Yarnall, Len Jones (Practical
Car and Van Rental) with Richard Fray, Barclays Corporate
A nationwide franchise specialising in economic vehicle rentals
is expanding its fleet with support from Barclays
Corporate.
Birmingham-based Practical Car and Van Rental has moved its
banking relationship to Barclays Corporate and has utilised an
asset credit facility to purchase a fleet of new Vauxhall, Peugeot
and small commercial vehicles.
The company was established in 1984 by businessmen Bolton Agnew
and Harold Williams in a portacabin in Digbeth, who identified a
gap in the market for economical car rental and initially traded as
'Rent a Wreck'.
In 1990 the company changed its name to Practical Used Car
Rental and later in 1995 began franchising the business. The
company now boasts 160 franchise outlets across the UK from
Inverness to Torbay and across to Northern and Southern
Ireland.
The company, the fourth largest provider of rental cars in terms
of its geographical spread, prides itself on offering services in
smaller towns and rural communities rather than large cities where
many of its competitors operate. This enables them to provide the
benefits of a national company with the dedicated service being
offered by a local office.
Len Jones, Finance Director said: "The decision to move our
banking relationship to Barclays Corporate was based on the fact
that there was a genuine willingness to understand our business and
the way we operate and to get to know the management team behind
the process. The structure of the finance they have provided has
enabled us to expand our existing fleet with the purchase of new
vehicles. This will enable us to offer further franchise outlets,
expanding Practical's service offering."
Richard Fray, Relationship Director at Barclays Corporate said:
"From small beginnings to a company now operating in 160 outlets
nationwide, Practical Car and Van Rental has a clear strategy for
growth. I am delighted that we have been able to support them with
the latest phase of their development."