Posted:07-July-2011
Driver Hire franchise attracts new equity investors
There was good news for Driver Hire franchisees following the announcement that private equity investors, LDC, are backing leading franchise business, Driver Hire.
Bradford-based Driver Hire, which was originally established in 1983, operates nationally through a 100-strong network of mainly franchised offices. It services around 5,000 corporate customers with fully compliant LGV, van, fork lift truck and fleet car drivers, warehouse operatives and professional logistics managers on both a short-term and long-term basis. It is also now one of the UK’s leading providers of Driver CPC training.
“Securing the financial backing and support of a proven investment partner such as LDC is a very positive endorsement for our business,” says Driver Hire’s Chief Executive, Chris Chidley. “Their scale, reach and expertise will provide us with the support to create further growth opportunities for the group. This is excellent news for our employees and our franchisees, all of whom will benefit directly from increased long-term investment in our business and our brand.”
Major structural changes in the logistics sector, such as the increase in just-in-time manufacturing processes and the growth of home delivery from ever-increasing online retail sales, are requiring logistics operators to be far more flexible, driving demand for short-term, temporary drivers. As a result, in its latest financial year, Driver Hire’s total network turnover rose 22 per cent to £66.5m.
John Swarbrick, a senior director at LDC, said: “Driver Hire is a robust business led by a proven management team. The commitment of its franchisees drives exceptional levels of customer service quality. Combined with its market leading training offering and significant industry and regulatory knowledge, this enables the business to provide a differentiated and value-added proposition to customers. We believe the company has numerous potential organic growth opportunities and so LDC is delighted to have the opportunity to back the team and provide them with the support to fulfil their ambitions for the business.”
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