Alliance Asset Management, a UK provider of vehicle fleet solutions, has secured a GBP5 million facility that will be used to support the company’s growth on the back of recent major contract wins.
The firm offers vehicle rental and leases to businesses and educational establishments across the UK, working with fleets ranging in size from one to 10,000. The independently owned business, which has been operating for more than 24 years, manages all aspects of vehicle rental, from booking to sourcing vehicles and helping to reduce unexpected costs such as excess mileage and damage.
The investment will bolster Alliance Asset Management’s position at the forefront of the changes in the evolving motoring ecosystem, as the company continues to play a critical role in supporting the growth of rapidly developing digital platforms such as car clubs and car subscriptions.
The business has also shown resilience and innovation in response to the changing economic climate, with its management team creating a number of complementary businesses that serve all aspects of vehicle hire, from one hour to five years, across both B2B and B2C markets.
BOOST&Co is a leading provider of growth capital for innovative, fast-growing UK SMEs. The independent asset manager offers loans ranging from GBP1 million to GBP10 million, covering a wide range of sectors, with a strong track record in technology, media and telecommunications (TMT). It has funded more than GBP500 million across more than 130 deals to date, and provided close to GBP200 million under the government’s CBILS initiative to support SMEs during Covid-19.
Jeremy Lavallin, chairman and chief executive officer at Alliance Asset Management, says: “I am extremely excited to be working with the BOOST&Co team. This facility will further enhance AAM’s ability to maximise the potential of the rapidly changing mobility sector. Car subscriptions, car sharing and the ever-evolving electric vehicle market are all providing AAM with unprecedented opportunities.”
Faye McDonough, Cambridge-based principal at BOOST&Co, says: “Alliance Asset Management has already reached a number of major milestones in 2021, with new contract wins and a growing opportunity to play a significant role in the evolving motoring ecosystem. The company has an impressive management team, a targeted growth strategy and a passion for innovation, so we’re looking forward to seeing what the future holds.”