Logistics firm Central Courier Solutions has agreed a new £1 million funding deal which will support the growth of its vehicle fleet.
The Solihull-based firm has agreed the invoice finance facility with challenger bank Aldermore.
Central Courier Solutions was set up by David Blackwell over a year ago and now employs around 40 people, operating predominantly in the West Midlands and Northampton areas.
All vehicles the business operates have to be specified on its licence and the terms of the licence mean Central Courier Solutions needs to have a specific amount of capital available for each vehicle.
This means operating more vehicles requires the company to set aside more capital and the funding has therefore enabled the company to increase the number of vehicles it operates from 11 to 74.
Mr Blackwell said: "This funding will enable us to expand the number of vehicles we have at our disposal which will help us to meet increasing customer demand and ultimately grow the business.
"Before we obtained this funding from Aldermore, we had a lot of irons in the fire but we had to sit on our hands until we could expand our fleet.
"Obviously, this impeded the business' expansion but this funding will unlock the company's growth potential and I'm looking forward to developing the business."
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Tom O'Dell, business development manager for invoice finance at Aldermore, added: "This case shows just how important funding is to business growth.
"At some point, customer demand is likely to outgrow the resources that most developing businesses have available and external funding is often essential if businesses are to continue on their growth trajectory without interruption.
"We're pleased to have been able to provide funding to Central Courier Solutions at such a key time in their development and we look forward to seeing the company continue to grow in the future."