A London-based van hire business is expanding its fleet following a £3.5million asset finance facility from HSBC UK.

Pace Van Hire has used the funding to equip its new Eltham site with vans for hire, and expand its existing fleets across its New Cross and Croydon branches.

The company’s fleet currently consists of 220 vehicles, an increase of 40 vans since the launch of the Eltham site in February, with this number planned to increase to 300 by next year. 

Pace Van Hire owner Louis Verrico said: “The shortage of vans in the UK has meant purchasing them as soon as they become available is vital. The HSBC UK asset finance facility provides us a pot of money to draw from when we need it, so we can move swiftly when an opportunity to increase our fleet arises.

“We primarily cater to private individuals who are moving house, taking a trip to the tip or driving kids up to university. We rely on the loyalty of our local customers, so we need to be able to offer the up-to-date modern vehicles, and with HSBC UK’s help we have been able to purchase the best vans on the market.”

HSBC UK area director for South and East London business banking Jason Mowe said: “We’ve supported Pace Van Hire for the past 15 years, and have seen how the owners have successfully adapted their business model to meet changing customer demands. This has allowed the company to grow and expand, even throughout lockdown and the current cost-of-living crisis.

“Looking forward, Pace Van Hire is eager to become a bigger player in the van hire industry with ambitious plans to open more branches around London. 

“Backed by HSBC UK, the company aims to solidify its reputation as a top choice for commercial van rental and local van hire in South London and Croydon.”