A ROAD service company is set to expand its fleet of vehicles after securing a seven-figure finance package.

Lane Rental Services Limited, based near Pocklington, which specialises in road planing and surfacing, has secured £1.6 million of funding from HSBC’s new corporate banking leadership team, appointed to support mid-sized businesses in North Yorkshire and Humberside.

The growing company, which has seen projected turnover increase to more than £15 million, will use the £1.6 million funding to purchase new planing and low-loader vehicles, enabling the business to increase its capacity and recruit between 20 to 25 new staff.

The deal was one of the first undertaken by the new corporate banking team in North Yorkshire and Humberside, with Andy Follington appointed as area director of corporate banking and David Beaty as regional director of corporate banking for the North.

Mr Beaty said: “Companies like Lane Rental Services are ambitious and innovative, and I am delighted that our new corporate team was able to support Lane Rental Services with the purchase of their new road service vehicles.”

Mike Reay, managing director of Lane Rental Services, added: “We are keen to expand and meet growing demand. The funding will enable us to take full advantage of new growth opportunities and invest in our workforce.”