A Cheshire vehicle recovery group has secured a boost of more than £5m to aid its growth plans across the UK.
Egertons, which is headquartered in Mobberley and can trace its roots back to 1962, has received £5.3m from Manchester-based Praetura Commercial Finance.
The group has more than 400 vehicles and 26 sites in the UK and supports a diverse range of clients including SMEs, blue-chip businesses and large public sector organisations with roadside repair and breakdown recovery.
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The group delivers its rescue and recovery services through three main trading companies: Egertons, the Mansfield group and EFM.
The funding comes a decade on from a deal that saved 150 jobs when the company was bought out of administration.
According to its most recently-available accounts, the group achieved a turnover of £33m in the 12 months to March 31, 2021, while its pre-tax profits totalled £2m.
Les Brooke, finance director at Egertons, said: "The facility offered by Praetura Commercial Finance has been an excellent solution to enable us to fund the growth of the group.
"They spent time to gain a real commercial understanding of our business and delivered on the terms they offered at speed. It makes a real difference when we can speak directly to decision makers."
Stuart Bates, commercial director at Praetura Commercial Finance, added: "We want to be the finance partner of choice for ambitious and entrepreneurial UK SMEs.
"In the current climate, we’re working with great businesses like Egertons to help them to remain adaptable and reactive to the current challenges of the UK economy. It was great to work with Les and the team on this transaction, and we look forward to supporting them in the future."
Damian McGann at Funding Friends Ltd provided debt advisory advice to Egertons.
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