SANTANDER Business Banking is helping Multifleet Vehicle Management expand its contract hire business with a seven figure funding package.

Multifleet plans to double its £10m turnover within two years thanks to the funding.

It will also employ three new members of staff as part of the growth strategy.

Warwickshire-based Multifleet was established in 2011. It provides contract hire of 1100 vehicles through its Multifleet brand.

And through its Run Your Fleet brand, provides fleet management services for 25,000 vehicles to over 1,200 UK-based businesses.

Steve Whitmarsh, Managing Director at Multifleet, said:

“We are on an exciting journey and we expect to see significant growth in the coming years as we enter new markets. Our turnover has already grown to more than £10m, and we expect this to double over the next two years.

“Santander took the time to understand our business, the journey we are on and we expect to work closely with the team to achieve our ambitious plans. The approach from Santander is refreshing, the funding will help us to focus our efforts and expand our business further.”

Michael Graham, Business Relationship Director for Santander Business Banking, added:

“Santander’s excellent relationship with the management team at Multifleet helped us develop a greater understanding of the company’s ambitions and growth aspirations. We look forward to working with them in the future.”