Driver Hire secures refinancing to invest in next phase of franchise growth

Driver Hire, part of Specialist People Services (SPS), has completed a new group-wide refinancing with Virgin Money, which the driver recruitment specialist says will create a stronger financial platform for the continued development of its franchise network.

The new facilities follow a competitive banking process and are said to provide a more flexible funding structure to support long-term investment, expansion and network development.

Founded in 1983, Driver Hire is a major UK provider of temporary drivers and has developed a well-established recruitment franchise network. The business cites its strong reputation in both franchising and specialist recruitment, as well as record revenues and continued growth. The refinancing will support continued investment in franchisee support, technology and expansion opportunities across both existing and new territories.

Chris Chidley, CEO of Specialist People Services, commented: “This is a positive step for Driver Hire and for our franchise network. It reflects the quality of the model we have built over many years, gives us greater capacity to invest in support, capability and future expansion, and represents a significant endorsement of the Driver Hire brand.”

“It also reflects the broader strength of the business, including the continued success of our Australian operations. We see significant opportunity ahead and remain focused on helping franchisees grow strong, valuable businesses.”

Steve Roe, senior director at Virgin Money, added: “We are delighted to continue our support of the SPS Group through this refinancing transaction, which will deliver significant benefits to the group and will provide a strong platform to support future growth. The business continues to go from strength to strength, backed by a strong management team, and we are pleased to support the group in the next stage of its development.”