MEIF Debt Finance provides CMS Hire with £300,000 funding package

The loan will enable the specialist refuse vehicle hire and repair specialist to purchase new vehicles and create 25 new jobs in Wolverhampton

Maven has provided CMS with a £300,000 funding package. The loan will enable the specialist refuse vehicle hire and repair specialist to purchase new vehicles and create 25 new jobs in Wolverhampton. The business is looking to grow its fleet of Euro 6 compliant engine Refuse Collection Vehicles (RCVs) and expand its customer reach with its expanded offering.

Initially founded as a generalist truck repair and maintenance service provider, CMS had primarily dealt with repairing RCVs for local authorities. After identifying a gap in the market, the businesses’ senior management team sought to meet demand from local authorities wanting to hire RCVs. The business currently has a fleet of 50 RCVs which it will be looking to upgrade with 50 new Euro 6 compliant RCVs over the next three years.

The drive towards Euro 6 compliant vehicles (private cars, taxis, buses, vans, HGV) is a result from the Government’s proposal to reduce Nitrogen Dioxide (NO2) with the introduction of a Clean Air Zone (CAZ) in selected cities across the UK. Currently CAZ is in operation in London and is expected to be rolled out in Leeds, Birmingham, Bath, Sheffield, Greater Manchester, Oxford and Glasgow from 2020-21. Other cities considering CAZs include Bristol, Derby, Cambridge, Newcastle, Cardiff and Edinburgh.  

This family-run, second generation business is led by an experienced management team whose dedication to solution management in the waste management industry is supported by over 30 years of experience, expertise and knowledge in this sector.

Sajid Sabir, Investment Associate at Maven said, “CMS is a long established business with a strong customer base and impressive track record for providing reliable and highly sought after services in this specialist area. This family run company is a leader in the local refuse market with strong ties to local authorities, and we are delighted to provide them this loan in support of their growth journey.

Sandra Cooper, Director at CMS said, “We are thrilled to receive funding from MEIF Maven Debt Finance. This loan will be a catalyst for growth for our Company and enable us to purchase the vehicles needed to drive growth, expand our team, strengthening our ability to meet the forecasted high demand in our market. We look forward to working with the MEIF Maven Team as we pursue our growth strategy!”

The MEIF project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

Are you looking for funding for your business?

If your business is in need of finance to help unlock its growth potential, MEIF Maven Debt Finance may be able to help. Contact Maven’s local team today to find out more.