Rosebud Finance is spearheading the expansion of the electric car fleet industry, fueling economic growth.
A Thornton-Cleveleys-based electric vehicle charge point and fleet provider has its sights set on expansion over the coming months after receiving a £40,000 loan from Lancashire County Council’s Rosebud Finance.
Set up by Carmel and Jonathan Adshead, who have a combined total of 60 years’ experience in the motor trade industry, Leki Cars provides businesses with electric cars for their employees, delivered through a salary sacrifice scheme. It is also the only company in the UK offering a fully-funded solution for the supply and installation of commercial EV chargers.
Leki Cars was looking for funding to support it through its early stages of growth and after contacting Boost; Lancashire’s Business Growth Hub, the company was referred to Access to Finance Lancashire, a funded Lancashire County Council service which helps Lancashire companies find and secure the finance they need. Access to Finance specialist Cassim Patel met with the business to explore both debt and equity funding solutions.
Startup and pre-revenue businesses often experience challenges attracting finance. Knowledge of the alternative finance market and how to tailor the company’s proposition enabled Cassim to identify and to effectively introduce the loan opportunity to Rosebud. He then supported Jonathan and Carmel through the application process, including defining the company’s proposition and developing necessary financial documents such as cashflow forecasts.
Following the support from Rosebud, Jonathan and Carmel plan to expand their business in coming months by bringing on new members of staff.They also plan to further their digital impact with the creation of a bright, modern website to cope with increased traffic as demand for the business and electric vehicle market grows.
Carmel Adshead, director of operations at Leki cars says: “It’s brilliant to have the financial support from Rosebud, especially as we enter a period of growth. Working with Jonathan and Cassim has been really refreshing. They both really took the time to understand our business and showed enthusiasm for helping us to grow.
“I would love to encourage more females into the automotive sector. Accessing finance is one of the barriers women can face when starting and growing a business, so this funding is incredibly significant.”
Delivered by GC Business Finance, Rosebud’s flexible approach to finance for businesses of all shapes and sizes from across the Lancashire region has enabled local businesses to expand and has directly resulted in the creation of new jobs and opportunities.
The £11.25m fund aims to create in excess of 100 jobs per year across 12 local authority areas in Lancashire. It focuses on sectors such as aerospace, manufacturing, tech, digital and creative, energy and environment, health innovation, and financial and professional services.
Jonathan Nelson, senior loan manager, at Rosebud says: “The Rosebud fund exists to support the economy in Lancashire, creating jobs and encouraging businesses to choose the region as their base. Having provided a large amount of loans in the last year, this highlights the extraordinary potential of local businesses like Leki Cars and the effect that the fund has had driving growth.”
The Access to Finance Lancashire service is funded by Lancashire County Council and the European Regional Development Fund.
It gives Lancashire companies access to a team of finance and funding specialists to help them become investment-ready, understand their finance options, source and secure the best type of finance for their business. There is no cost to Lancashire businesses to access the support.
The Access to Finance Lancashire team also operates a regular support programme, Finance Simplified, designed to help businesses better understand their finances and the options available as they grow.
Cassim Patel, Access to Finance specialist says: “Leki Cars is an innovative business, but like many firms, needed some initial funding to get started. The SME funding landscape is highly complicated and many startup businesses find it difficult to understand and navigate. Working with Access to Finance Lancashire has allowed Jonathan and Carmel to find and secure an ideal funding partner to suit their needs and growth ambitions.”
Councillor Aidy Riggott, Cabinet Member for Economic Development and Growth at Lancashire County Council, said: “It’s great to see the impact that Rosebud has on businesses in Lancashire like Leki Cars. The fund plays a crucial role in helping to establish start-ups, enabling job creation and further business growth and it is essential businesses continue to seek advice in order to enable long-term growth throughout the region.”
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