Taxi & Chauffeur Business Goes Green!
£275,000 Facility For Taxi And Chauffeur Business Converting To Electric Vehicles
Sector: Vehicles – Taxi / Chauffeur
Solution: Hire Purchase
The Client
A well established taxi and chauffeur service operating out of five offices across Surrey and West Sussex, heavily committed to creating the greenest taxi company operating in those areas. This switch to electric vehicles will reduce their carbon footprint by 50%.
The Challenge
To purchase and finance six high end seven seater greener electric vehicles in order to carry on the process of replacing the diesel vehicles on their fleet. In order to not disrupt cashflow, initial cash outlay had to be kept to a minimum, and monthly payments had to meet strict budget requirements.
The Solution
Working closely with our lender, we structured a Hire Purchase facility with a 10% deposit and full advance payable over 36 months. Of the VAT qualifying vehicles in the schedule, we were able to secure a three month VAT deferral, ensuring cashflow remained uninterrupted. This also allowed the client to use the allocated budget for deposits on more vehicles
Summary
A £275,000 Hire Purchase facility with a three month vat deferred period secured. The client was able to grow their business whilst achieving their aim of reducing their carbon foot print and becoming the greenest taxi operator in Surrey and Sussex
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