A luxury chauffeur service based in Kent has been able to expand thanks to a Business Growth Loan from the Let’s Do Business Group (LDBG).
Platinum Car Services was started by Stuart Barber in August last year, operating across Kent and London offering an elite car service to both corporate and private clients.
The business expanded much quicker than Stuart anticipated, but needed a cash injection in order to maintain the level of growth.
Stuart turned to the LDBG and successfully applied for a £10,000 Business Growth Loan from the Group’s finance arm, Let’s Do Business Finance (LDBF).
This enabled him to cover the cost of opening an office in London, as that’s where 70% of his time is spent and cover the deposit for the second car.
“I wasn’t able to get a business loan from the bank as I didn’t have 3 years of accounts. I’d worked previously with Let’s Do Business as they’d helped to get up and running initially with a Start Up Loan.
“The support I got from Let’s Do Business Finance was brilliant, from start to finish the team were really helpful and kept me up-to-date. It’s a more personal service too, with the bank you’re just a number.”
Stuart is currently in the process of adding a third car to his fleet and in the next year expects to increase the Company turnover by 25%, in addition to becoming a Private Limited Company at the start of 2016.
Ian Smallwood, Head of Business Services at LDBG commented:
“It was a pleasure to have been able to help Stuart and we wish him every success in the future. It’s essential that we give our SME’s the support and resources they need to develop.
“Over the next 6 months we have £600,000 to lend to businesses across the South East who are ready to grow and expand.”
LDBF offer an additional source of commercial finance to new and established companies who are unable to find the funding they need from mainstream lenders. They work across the South East of England.
Find out more about LDBF and how they can help you to scale-up your business and get in touch with the team on 0845 601 8326 or email firstname.lastname@example.org.
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Find out more about Platinum Car Service at www.platinumcarservice.co.uk and get in touch with Stuart on 07891 985 838 or email email@example.com.
Like their page on Facebook and follow @platinumcarserv on Twitter.