The Challenge
PMD’s Spencer Last was approached by a budding new start customer, Mavade Rentals, who faced a significant hurdle. They’d had issues trying to secure finance for their business idea from other funding avenues. Despite already having a well-established brand throughout London, they had been declined for finance on multiple occasions. The customer had a clear vision, and had identified a gap in the market for local, short-term vehicle hire, catering to both tourists and locals.
Their business plan was to start with 2 vehicles and expand the fleet quarterly in response to demand. The challenge was not only securing the necessary finance but also getting their business operational quickly to capitalise on the market opportunities available.
The Solution
Spencer took the time to understand the unique potential of Mavade Rentals’ business model, and a more out-of-the-box approach to address their requirements. Our first step was to facilitate the financing that they had previously struggled with securing elsewhere. Spencer leaned on PMD’s strong relationships with our panel of lenders to secure a £42.5k hire purchase agreement over 60 months with a 10% deposit, allowing the customer to proceed with their business goals.
We also recognised the need for getting operations up and running as soon as possible, so Spencer took an active role in sourcing two suitable vehicles. By working closely with our supplier partners, we ensured the vehicles were prepped and ready to go within a week.
The Result
With our support and Spencer’s work, Mavade Rentals in London not only secured the finance they were originally looking for but were also able to hit the ground running. The swift acquisition and preparation of their first fleet allowed them to open their doors promptly, with immediate results. The customer received their first bookings shortly after launch and have had plenty of enquiries from the get-go.
This early success not only validated their business model but also put them in a strong position for future growth.
"PMD was instrumental in helping us launch our startup, Mavade Rentals. From the outset, our contact, Spencer, provided exceptional support, ensuring that the entire process of acquiring high-value assets, particularly vehicles, went smoothly. His clear guidance and transparent communication helped us navigate each step with confidence. Spencer’s specialised advice was crucial in overcoming the barriers to entry we faced, especially in ensuring that we could take on vehicles in the company’s name. He not only provided tailored recommendations on how to proceed, but also proactively addressed potential challenges, making sure we were well-prepared. It’s thanks to Spencer and PMD’s expertise and hands-on approach that we were able to put all the necessary pieces in place, allowing us to move forward with our plan and get our cars on the road as originally envisioned. Without their support and financial assistance, the process would not have been nearly as seamless."
"I’ve worked on several new start business proposals, particularly in the vehicle rental space. It’s one of the fastest growing sectors at the moment. Having spent some time getting to know the owners of the Mavade Brand, what I loved was their passion and belief in their business plan and I’m grateful for their trust in letting me join them on their journey. It was a great feeling to be able to call the guys and let them know we had the finance approved. I’m genuinely excited to see where the business can go from here and to support with achieving its long-term goals."