A rapidly expanding vehicle repair business has secured a new funding deal.
Evolve Automotive Repair Centre, which has sites in Birmingham, Coventry and Leicester, has agreed a £375,000 loan from the Midlands Engine Investment Fund to help finance its further growth.
Evolve specialises in carrying out vehicle repairs on behalf of insurers and hire firms.
Founders Stefan Hill and Jack Thomas said they planned to continue growing the business and open new sites in other Midlands locations, with the aim of having ten bases within the next four years.
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Mr Hill, who is a former professional motorcycle racer, and Mr Thomas set up Evolve four years ago when they were both aged 22.
They used funding from their families to open the first site in Coventry and went on to launch two further operations in 2023.
This new loan follows a recent deal to acquire PL Carbodies in Warwick which has brought the group up to 40 staff across its four locations.
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The new site in Warwick has accreditations from BMW and Hyundai and the company aims to gain approvals from other manufacturers for Warwick and the trio of other sites.
It is also gearing up for the switch to electric vehicles, with the Leicester base already specialising in EV repairs.
Mr Hill said: “Evolve aims to bring a modern approach to the vehicle repair trade. We recognise that having the right people is key to success and aim to offer good jobs in a safe and comfortable working environment.
“We also invest in technology and training. Evolve was set up with electric vehicles in mind as we believe they are the cars of the future and we are preparing for the changes ahead.
“Our business has come a long way since Jack and I were knocking on doors in Coventry. The funding from Midlands Engine Investment Fund will support the business in the next stage of its growth."
Birmingham-based Frontier Development Capital is one of the fund managers for the Midlands Engine Investment Fund.
Investment manager Ryan Cartwright said: “Stefan and Jack have gone from zero to four sites in just three years, demonstrating their ability to build a successful business from scratch.
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“There is potential for them to grow the business further by winning new approvals and new clients and opening new sites in Midlands cities where there is a shortage of capacity for vehicle repairs. We are pleased to be able to support their growth plans."
Navigate Commercial Finance acted on the deal.