Newark Vehicle Hire secures six-figure funding from Paragon

Newark Vehicle Hire has secured a six-figure funding package from Paragon SME Lending to help expand its fleet, including the addition of electric vans.

The Nottinghamshire van rental company has acquired eight Mercedes 315 Sprinter Vans and two Maxus Electric Vans. The latest additions bring its total fleet to 259 vehicles, including 23 electric vans.

Newark Vehicle Hire has ambitions for at least half of its fleet to be electric within the next five years. The electric vans will be primarily used for delivery companies to hire on a flexible basis.

Newark Vehicle Hire was established in 2013 by managing director Dan Fletcher and employs nine people at its base in Abbots Way.

He said: “We aim to be a national supplier of rental vehicles and are aware that some cities within the UK will soon have designated areas where conventional ICE vehicles will be prohibited from driving.

“Our aim is to meet these changes and challenges by offering a wide range of EVs to our clients, present and future.”

The finance package was organised through Emma Robison, a director with commercial broker BFS UK. Joe Blanthorn, business development manager for the north region, led the funding on behalf of Paragon SME Lending.

Robison said: “Newark Vehicle Hire has ambitious growth plans and its fantastic to support the company as they transition to electric. Paragon was very easy to deal with and the process was smooth.”