Street Cars invests in new Manchester city center headquarters after securing £ 840,000 funding deal
Manchester’s largest private taxi hire company has invested in a new headquarters five times the size of its old home after securing an Â£ 840,000 financing deal.
Street Cars got a boost from Lloyds Bank Commercial Banking.
It was established in 2002 with just two cars, and 13 years later today employs over 450 cars and 65 telephone operators and support staff.
The company has accounts with over 1,000 companies in the hospitality industry and has hired over 50 people over the past year to meet growing demand.
Managing Director Naeem Arshad approached the bank to buy a new six-story property after it was previously located on Sackville Street in the downtown area.
The new premises, on Chorlton Street, can accommodate the growing workforce of Naeem, a new training center for office staff and drivers, and house its account relationship team that looks after clients from the l ‘hotel.
The additional space has already generated new revenue to be reinvested in the taxi business, as Naeem got MCR 42 restaurant as a basement tenant.
The taxi company moved to the new building in July after a complete renovation costing Â£ 500,000, also supported by Lloyds Bank Commercial Banking.
Naeem said, âWe have seen phenomenal growth over the past few years and to accommodate our burgeoning workforce, and we knew we had to buy bigger premises.
âThe additional space will allow us to continue to grow our business and forge new relationships with hotels and restaurants in Manchester. Lloyds Bank saw our vision from the start and helped us achieve our business goals.
Craig Gibbons, Relationship Manager at Lloyds Bank Commercial Banking, said: âThe purchase of new, larger premises is a real milestone for Street Cars and will provide the business with a solid foundation on which to build further success.
âAs a relationship team in the Northwest, we are committed to supporting local businesses. This is why the bank is committed to continuing to increase lending to SMEs by a net Â£ 1 billion this year, as part of our 2015 SME Growth Charter. â