Coach operator fulfils new contracts by raising capital to invest in fleet

Coach operator fulfils new contracts by raising capital to invest in fleet

 

Summary

Logan's Executive Travel is a forty-year old family-owned firm and one of the largest most successful coach hire operators in Ireland. From its fleet headquarters in County Antrim, Logan's Travel operates throughout Europe - providing a luxury coach service that combines the highest quality driving, customer care and top-of-the-range vehicles.

Challenge

Managing Director for the business, Sean Logan, had utilised numerous types of funding over the years.  However, the banking crisis in 2008 meant that many of the finance options that he had taken advantage of in the past were no longer available. With an appetite to continue to increase his fleet of luxury coaches and maintain his regular purchasing cycle each spring, he engaged with new entrants to the Northern Ireland market at the time - Close Brothers Commercial Finance.

Solution

Further to some initial discovery meetings with Close Brothers it became evident to Sean that the team had a depth of experience in the transport market and that they had a similar ethos to him in terms of business transactions and building customer relationships.  There were many products to choose from, all of which could be tailored to his precise requirements, but ultimately, hire purchase was the most suitable option for the business. This meant that each time Sean needed to invest in a new coach he could spread the cost of the asset over an agreed period of time, thus ensuring a steady cash flow and avoiding a large capital outlay.

Result

Sean said, “What attracted me to working with Close Brothers was the local decision making, the personal level of service and speed of decisions.  I’ve won a number of new contracts over the past four years and the support from Close Brothers has allowed me to fulfil these new business opportunities.  The team consists of experts in their field that really understand my business and I know that I will continue to work with them for the long-term.”

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