Driver Hire has secured a group-wide refinancing agreement with Virgin Money that will strengthen the company’s financial position and support future investment, writes Peter Brown.
The deal between Specialist People Services (SPS), the parent company of Driver Hire, and Virgin Money introduces a more flexible funding structure designed to support long-term growth, network development and expansion opportunities across the franchise network.
Chris Chidley, CEO of SPS, said: “This is a positive step for Driver Hire and for our franchise network. It reflects the quality of the model we have built over many years, gives us greater capacity to invest in support, capability and future expansion, and represents a significant endorsement of the Driver Hire brand.
“It also reflects the broader strength of the business, including the continued success of our Australian operations. We see significant opportunities ahead and remain focused on helping franchisees build strong, valuable businesses.”
Steve Roe, Senior Director at Virgin Money, said: “We are delighted to continue our support of the SPS Group through this refinancing transaction, which will deliver significant benefits to the group and provide a strong platform for future growth.
“The business continues to go from strength to strength, backed by a strong management team, and we are pleased to support the group as it enters the next stage of its development.”
