A leading print management company founded and headquartered in Leeds, has introduced a new fleet of vehicles to assist its expansion, thanks to funding from Lombard Asset Finance.
XBM, providers of specialist office and production print equipment, secured £300,000 to purchase an additional 20 new vehicles, including four vans and 16 new cars for employees.
The vehicles will enable the company to accommodate its growing staff base which has increased from 15 to 45 full-time employees across its network of offices in Newcastle, Manchester and Birmingham over the last 18 months. It follows a period of rapid expansion for the firm, whose annual turnover doubled to £2.5 million this year and is projected to reach £5 million by 2019.
In February this year, the company used £235,000 of funding from NatWest to open its fourth site in Birmingham which has already written £350k of business and plans are underway to open an office in London.
Founded in 2008 by Justin English, XBM’s current clients range from sole traders to large listed companies, along with local councils and schools.
Justin English said: “We have not only expanded our network of offices nationally this year but also significantly grown the number of staff across these offices. Thanks to the funding from Lombard, we have been able to facilitate this rapid growth by providing the necessary vehicles for the sales and service teams to reach prospective and existing customers. This year is our 10th anniversary and our ambition going forward is to continue this growth and secure our position as one of the most competitive print management companies in the UK.”
Lombard Senior Relationship Manager, Veronica Wales, said: “Funding has allowed Justin to provide his staff with the vehicles they need to effectively service their customer base. We look forward to continuing to work with Justin and the team at XBM as the company goes from strength to strength.”