Newcastle valeting firm secures multi million pound loan for national growth plans

A Newcastle valeting company has secured a multi million pound loan to support its growth and acquisition plans.

Direct Valeting Ltd, which provides professional automotive valeting services, has received the loan from SME credit specialist Caple.

The loan, which is available for eight years, offers the company access to a seven-figure sum.

Direct Valeting has said that it will use the loan to implement its growth plans in the UK and to look at potential acquisitions to increase its national coverage.

Dominic Buch, co-founder and managing partner of Caple, commented: “Direct Valeting is a good example of an ambitious business with a solid track record, but which struggled to access further bank funding.

“This is because while banks can lend against the tangible assets in a business, they can only do so up to the value of those physical assets available as collateral. After that, they cannot help.

“Our unsecured lending deal demonstrates how we can complement secured lending to help firms like Direct Valeting to implement their growth plans.”

Jason Carpenter, UK managing director of Direct Valeting, added: “The fundraising was very simple for us as a company.

“Caple’s team was very straightforward, professional and efficient. The deal enables our business to enhance our place in the market with franchised retail dealerships and groups.

“It also allows us to look at acquisitions which continue to increase our geographical coverage while focusing on customer service and care.”