20 May 2012
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21 January 2011
Exeter couple steer start up business to early success
A mobile car repair franchise run by a couple from Exeter is on course to achieve a turnover of £100,000 in its second year of trading after it securing a loan from Lloyds TSB Commercial.
Dan Milner and Gill Margetts launched the Revive! Exeter franchise in May 2010, providing mobile car care and repair services to businesses and the general public across Devon and Somerset.
The pair set up the franchise using the funding from Lloyds TSB Commercial, which they needed to purchase the necessary tools and equipment as well as a Revive! van.
After securing a number of key contracts with new and used car dealerships and estate agents, the business experienced rapid growth and Dan and Gill hired their first employee in October 2010, enabling the company to run two mobile workshops.
They hope to recruit their second employee in October 2011, who would drive a third van, and will put them on course to achieve a turnover of £100,000 this year.
Dan Milner, company director and technician of Revive! Exeter, said: “Running our own business has been an ambition for many years, so it’s a fantastic feeling to finally be working for ourselves and experiencing such demand for our services.
“We decided to launch a franchise rather than go it alone as it we wanted the security of running a proven business model. We realised that, as a mobile company, Revive! offers dealerships real value, as we can service up to six cars onsite in one day and so minimise any disruption to the business. Members of the public also benefit as we can visit their home or workplace so they don’t have to lose their car for the day.”
“When it came to writing our business plan and securing funding, we needed some guidance. Revive! introduced us to Lloyds TSB Commercial and we worked closely with the team at the bank to ensure we had a compelling and professional proposal and would be able to access the finance we needed.”
Kevin Smith, relationship manager for Lloyds TSB Commercial, said: “Franchises are a fantastic way to enjoy the flexibility and freedom of running your own business whilst also being able to access valuable expert advice from your franchisor.
“Dan and Gill have shown that by utilising this expertise and by drawing up a solid business plan it is possible to set up a successful company at any point in the economic cycle.
“As one of the few banks that provides tailored funding products and specialist guidance for the franchise market, we’re working hard to show budding business owners the benefits of becoming a franchisee, as well as encouraging established firms to consider franchising as an effective way to implement a nationwide expansion strategy.”
Dan Milner and Gill Margetts launched the Revive! Exeter franchise in May 2010, providing mobile car care and repair services to businesses and the general public across Devon and Somerset.
The pair set up the franchise using the funding from Lloyds TSB Commercial, which they needed to purchase the necessary tools and equipment as well as a Revive! van.
After securing a number of key contracts with new and used car dealerships and estate agents, the business experienced rapid growth and Dan and Gill hired their first employee in October 2010, enabling the company to run two mobile workshops.
They hope to recruit their second employee in October 2011, who would drive a third van, and will put them on course to achieve a turnover of £100,000 this year.
Dan Milner, company director and technician of Revive! Exeter, said: “Running our own business has been an ambition for many years, so it’s a fantastic feeling to finally be working for ourselves and experiencing such demand for our services.
“We decided to launch a franchise rather than go it alone as it we wanted the security of running a proven business model. We realised that, as a mobile company, Revive! offers dealerships real value, as we can service up to six cars onsite in one day and so minimise any disruption to the business. Members of the public also benefit as we can visit their home or workplace so they don’t have to lose their car for the day.”
“When it came to writing our business plan and securing funding, we needed some guidance. Revive! introduced us to Lloyds TSB Commercial and we worked closely with the team at the bank to ensure we had a compelling and professional proposal and would be able to access the finance we needed.”
Kevin Smith, relationship manager for Lloyds TSB Commercial, said: “Franchises are a fantastic way to enjoy the flexibility and freedom of running your own business whilst also being able to access valuable expert advice from your franchisor.
“Dan and Gill have shown that by utilising this expertise and by drawing up a solid business plan it is possible to set up a successful company at any point in the economic cycle.
“As one of the few banks that provides tailored funding products and specialist guidance for the franchise market, we’re working hard to show budding business owners the benefits of becoming a franchisee, as well as encouraging established firms to consider franchising as an effective way to implement a nationwide expansion strategy.”
Notes to editors
Notes to editorsLloyds TSB Commercial is a trading name of Lloyds TSB bank plc and Lloyds TSB Scotland and provides dedicated banking services for customers with an annual turnover of up to £15 million, from start-ups to established companies looking to grow.
Lloyds TSB was voted Bank of the Year for the sixth year running at the Real FD/ CBI FDs' Excellence Awards 2010 in recognition of the support it offers its business customers.
Lloyds Banking Group has over one million small and medium sized business and not for profit customers and has launched a three-year programme of support for SMEs.
The key points of the 2012 SME Charter are:
1. Lloyds TSB will encourage enterprise, boost access to finance and provide clearer and fairer pricing for customers – including a pledge to help 300,000 new start ups by 2012
2. Lloyds TSB will run a programme of 200 nationwide seminars every year for the next three years, to provide expert guidance and support for SMEs on starting up, employment, exporting, bidding for 2012 contracts, sustainability and finance
3. Lloyds TSB will agree to any reasonable request for competitive commercially-priced finance (whether short-term or long-term) from viable business customers
4. Lloyds TSB will not change the availability of overdrafts during the period of a customer’s agreement, as long as their accounts are kept within agreed terms and limits
5. The price of existing loans or renewed overdrafts will reflect the cost of funding. The margin Lloyds TSB charges over the cost of funding will only increase where there has been a material increase in risk (subject to a minimum 1.5 per cent over the cost of our funds). Lloyds TSB will be transparent about pricing and help customers understand the price of their facilities. Where margins increase, Lloyds TSB will provide a clear explanation of the reasons
6. Lloyds TSB’s fees will be competitively priced. And arrangement fees on loans and overdrafts will not be greater than 1.5 per cent of the overall value of the facility
For more information, please visit www.lloydstsb.com/business Back to top | More Lloyds TSB stories
