Practical investment from Barclays
Birmingham-based Practical Car and Van Rental is expanding its fleet after securing investment from Barclays Corporate. The company has used an asset credit facility to purchase a fleet of new Vauxhall, Peugeot and small commercial vehicles.
The car rental company, which has 160 outlets across the UK and Ireland, has also switched its banking facilities to Barclays.
Len Jones, finance director at Practical, said: "The decision to move our banking relationship to Barclays Corporate was based on the fact that there was a genuine willingness to understand our business and the way we operate and to get to know the management team behind the process.
"The structure of the finance they have provided has enabled us to expand our existing fleet with the purchase of new vehicles. This will enable us to offer further franchise outlets, expanding Practical’s service offering."
Practical is the UK's fourth biggest car rental service.
