Scarborough-based Bluebird Vehicles with a £1 million working capital facility from Centric Commercial Finance.
The Centric facility consists of an £850,000 revolving invoice discounting line and £150,000 cashflow loan. The management team was introduced to Centric by a private equity fund.
Founded in November 2003, Bluebird Vehicles is the UK’s leading designer and manufacturer of coach built, low floor accessible minibuses, midi buses, van conversions and specialised vehicles. Sales are to local authorities, passenger transport executives and service bus operators.
A reduction in local authority capital expenditure on non-core routes has meant that Bluebird is embarking on new innovations to boost its future growth plans.
Bluebird is developing a 33-seater low floor bus to be launched in May/June 2014 that will meet Euro6 emissions criteria.
This will put them in a very strong position to be the market leader in this particular niche.
There will also be an injection of £600,000 from Finance Yorkshire and £100,000 from Business Enterprise alongside the working capital funding from Centric.
Rob Miller, founder and managing director at Bluebird Vehicles Limited, said: “Centric showed flexibility in providing an asset-based loan over and above an invoice discounting line. They have proved to be exceptionally good to deal with and came to the table with the higher offer of funding that our business was looking for. Their team was helpful and open and demonstrated an understanding of our unique situation, including our customer base and payment terms.”