Reflex Vehicle Hire sold out of administration by Grant Thornton experts
Reflex Vehicle Hire has been sold out of administration, securing the business as a going concern and preserving 46 jobs in Leicestershire. Phoenixing the organisation, Reflex Fleet Solutions has completed the purchase of the business and assets, with the help of administrators from Grant Thornton.
Reflex Vehicle Hire is a B2B van rental specialist, which as of September 2021 had become family-owned – following a £16.5 million buyout. The business provides light commercial vans, crew vans, executive cars, and EV-ready options. However, the firm posted a notice of intention to appoint administrators two days before Christmas.
Chris Petts and Jonathan Roden of Grant Thornton were appointed joint administrators to Reflex Vehicle Hire, and swiftly completed the sale of the business and assets to the new entity. The acquisition retains all 46 jobs and operations will continue at the head office and main trading premises in Loughborough.
A statement from Reflex Fleet Solutions read, “The investment ensures continuity of operations and safeguards a highly skilled and experienced workforce, whose deep sector knowledge and commitment to service have underpinned the business’s strong reputation. Reflex Fleet Solutions Limited benefits from a loyal and long-standing customer base, built on trusted relationships, service quality, and technical expertise across the fleet and mobility market.”
The transaction was supported by Praetura, which has provided a multi-million-pound funding package, including long-term growth capital. According to a spokesperson from the management team, the strengthened capital base means the firm will now be able to focus on delivering enhanced technical solutions for fleet managers, and customer-enhancing green solutions as demand continues to evolve.
They added, “This transaction provides a stable capital base and a clear platform for delivering value to customers. Our loyal customer base and the skill and dedication of our people are central to the business, and Praetura’s support allows us to invest selectively in fleet and systems. We are extremely grateful to all parties and advisers involved for their hard work and pragmatic approach in completing the transaction.”
Petts added, "We are very pleased to have completed a going concern sale of the business, which secures the continued employment of a loyal and skilled workforce in these challenging economic times, particularly for the commercial fleet hire sector. Reflex Fleet Solutions Limited supported by its new funding partner is well-placed to support the development of the business and continue to serve its long-standing commercial customers in the future."
