Stock image of vans lined up

Disposal of Hireway Vehicle Rentals Limited

Stock image of vans lined up

Case Study5th Jun 2023

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Our Client 

Hireway Rentals Limited (“Hireway” or “the Company”), established in 2016, is a leading provider of flexible vehicle rental services and solutions to commercial organisations across a range of sectors, including Utilities, Building and Construction, Engineering, and Logistics.

The Company has been a client of AAB since incorporation, supported by our Business Advisory Group.

Founded by Christy McTear, Hireway grew significantly over the last 7 years, growing its fleet to just under 1,000 vehicles and hiring key management team to grow the business from its bases in Glasgow and Manchester.

AAB has supported Hireway since incorporation with preparation of annual accounts and tax compliance, business advisory services such as financial projections for financing fleet growth, and other general advisory projects, such as tax planning.

Christy approached AAB to assist with the sale of his business, to realise value from his investment, and provide succession for his staff.

Our Approach 

  • As part of the sales process, AAB prepared an Information Memorandum which provided key details on the Company and the growth opportunities.
  • AAB also undertook a detailed mapping of the market, and identified a list of potential acquirers, who AAB understood may be strategically motivated to add Hireway to their existing business.
  • After engaging these potential parties, and sharing the IM, AAB assisted the shareholders with the structuring and negotiation of a deal.
  • Reflex Vehicle Hire, was identified as a strong strategic and cultural fit.
  • Upon reaching an agreement, AAB successfully project managed the process to ensure the deal was completed in line with set timescales.

The Outcome 

Our client was able to realise significant value from the sale of the Company

The Hireway business has become part of Reflex Vehicle Hire, adding 900 vehicles to the total fleet and taking it to around 6,000 commercial vehicles and cars.

Hireway’s staff have now joined the expanded business, with a strong cultural fit between the two businesses allowing for continuity of great customer service levels.

 

AAB helped deliver maximum value for the sale of Hireway to Reflex.

“AAB helped deliver maximum value for the sale of Hireway to Reflex. The team at AAB played an instrumental role guiding us through the process. They helped us from the early planning stages, to identifying Reflex as a strategic acquirer to ultimately closing the transaction. They were responsive, professional and provided outstanding strategic advice and insight throughout the process, working extended hours to successfully conclude the transaction. I really enjoyed working with them and would highly recommend AAB to any business owner looking to sell their business.”

Christy McTear

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