Motiva in financing deal
Stoke-based Motiva Group has won a multimillion-pound refinancing package from Santander's corporate banking team in the West Midlands. Motiva, which underwent an MBO in 2006, provides vehicle rental, contract hire and niche fleet management products.
Motiva says it has a fleet in excess of 4,000 vehicles and offers services via brands such as Motiva Vehicle Contracts, M Way Vehicle Rentals, Litelease and Motrak.
The bank says it has agreed to provide a "multimillion-pound package of lending and cashflow facilities" to enable Motiva to "not only refinance existing facilities but also provide additional facilities to allow management to strategically develop their business further".
Peter Davenport, managing director at Motiva Group, said: "Motiva has achieved rapid growth since our MBO in 2006 and the deal we have been able to arrange with Santander Corporate Banking puts the business in an excellent position to take advantage of any strategic opportunities presented by the current market."
