Henley-in-Arden- based Johnsons Coach and Bus Travel has completed a takeover of Whittle Coach and Bus and outlined plans for expansion, after securing a £540,000 financial package from Lloyds Bank.
The investment comprises £150,000 from Lloyds Bank Commercial Banking to fund the acquisition of its former competitor, together with a £390,000 hire purchase facility from Lloyds Bank Commercial Finance.
The deal has helped the company to invest in new buses and coaches, and pay down the full amount for the vehicles over an agreed period to ensure cashflow remains fluid.
The investment means Johnsons has expanded its fleet of more than 100 buses, coaches and other vehicles, helping to increase the number of services it offers.
Founded in 1909, Johnsons offers a range of services including specialist coach hire, holidays, day trips and bus services.
The firm expects to continue its growth in the months ahead by acquiring more vehicles and expanding its 240-strong workforce.
John Johnson, commercial director of Johnsons, said: “By acquiring Whittle Coach and Bus, we’re reinforcing our position as one of the leading travel operators, both here in the West Midlands and across the UK.
“The investment from Lloyds Bank was vital in helping us to achieve these growth ambitions, and our newly expanded fleet leaves us well placed to expand further going forward.”
Phil Davies, relationship director at Lloyds Bank Commercial Banking, said: “Through this investment, we’re supporting the expansion ambitions of the company’s management, and we look forward to our continued partnership with them in the months and years to come.”