A tour operator based in Dudley has purchased two new coaches and created three new jobs with the support of a £345,000 funding facility from Lloyds Bank.
Dunwood Travel offers holidays for the over 50s, including coach travel, day trips and mini-breaks across the 海角视频, and has additional sales teams operating from offices in Nuneaton and Coventry.
After experiencing increased demand the business decided to activate its expansion plans and purchase its own 53-seater coaches, moving away from subcontracting its drivers and coaches.
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Lloyds Bank Commercial Banking is the long-term banking provider for the business, and the bank’s commercial finance team provided the hire purchase facility to buy the coaches.
The facility allowed the company to purchase the vehicles and pay down the full amount over an agreed period to ensure its cashflow remains fluid.
An additional £45,000 was secured by the business through the Regional Growth Fund.
The investment has led to three new jobs with further opportunities expected over the coming months, and the business now employs 21 people.
It is celebrating its 20th anniversary this year and has launched a new website designed to make it easier for customers to book their holidays and review the trips available to them throughout the year.
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Phil Westwood, director at Dunwood Travel, said: “As the variety of holidays that we offer our customers has grown so has the demand for our services, and it was soon clear that we needed to expand to meet this uplift.
“We previously hired vehicles for our excursions, but thanks to the invaluable support of the Lloyds Bank team we now have two new state-of-the art coaches in our fleet, marking an exciting stage for the business as we celebrate our 20th anniversary.”
Keith Moore, regional manager at Lloyds Bank Commercial Finance, said: “The business relies on high-performing vehicles to maintain its reputation as the go-to provider of holidays for the over 50s, and using the hire purchase facility has enabled the business to purchase the coaches without impacting its other day to day operations.”