PMD helps traffic management firm secure asset finance backing to support growth strategy
A traffic management services business that operates across London and Home Counties is targeting growth after securing a significant six-figure asset finance package with support from PMD.
City Traffic Management Services Ltd will use the £350,000 of funding to acquire two new specialist impact protection vehicles (IPVs) . This will allow the business to fulfil more work with National Highways.
IPVs are designed to protect workers and motorists while traffic management measures are being deployed for roadworks. They feature lorry-mounted crash cushions that provide an additional crumple zone at the rear of the vehicle in the event of a collision.
Based in Chesham, Buckinghamshire, City TM’s clients include Transport for London and National Highways. As well as this, other clients include local authorities, county councils and London boroughs.
Mat Field, founder and director of City TM, said:
“Not only will these new vehicles allow us to do more work on the strategic road network, they are an important part of our ongoing fleet renewal programme.
“They have lower beds which make it easier and safer for our workers. They also greater fuel economy and lower emissions, which is increasingly important from a procurement perspective.
“This marks a significant investment in the future of our business and we’re looking forward to taking delivery of the vehicles to support our work with clients. We’re thankful to Ethan and the team at PMD who have been our longstanding finance providers and who helped to make this latest investment happen.”
City TM offers a comprehensive traffic management service including technical drawings and design, traffic safety services, independent site auditing, consultancy, as well as training services delivered by its own training division.
The company, which has a turnover of over £10m, 150 staff and 110 vehicles, celebrates its 15th year anniversary. With this, they are proactively taking steps to futureproof the business in line with the government’s ‘Net Zero 2050’ target.
It has its own sign shop to fulfil the company’s traffic signage requirements. Additionally, the business recently implemented new recycling contracts to ensure all signage and other equipment is fully recycled.
Ethan Cambridge, business development director at PMD Business Finance, said:
“Mat has built City TM on service quality, knowledge, and always looking to invest in future growth.
“We’re pleased to offer our continued support to Mat and the team. By putting this finance package in place within 48 hours, we could meet the company’s financial and operational requirements.
“City TM were able to lean on PMD’s experience of funding within the traffic management sector. Many thanks again to Mat and the team for continuing to see our value.”