A £1.5 million funding deal has seen Smethwick-based vehicle rental company West Midlands Hire & Haulage add 50 new vehicles to its fleet.

Through the financial package provided by Lloyds Bank, the firm’s owner, JB Langford and Co, has invested in the modern vehicles, helping to replace older models within the fleet whilst increasing the total number in its inventory to around 160.

The new vehicles were acquired with the support of a hire purchase facility provided by Lloyds Bank Commercial Finance, enabling the company to pay down the full amount over an agreed period to ensure its cashflow remains fluid.

The fleet investment has also enabled the business to recruit two mechanics to handle maintenance of the vehicles, increasing its total number of employees to 21.

Dating back more than 40 years, West Midlands Hire & Haulage remains a family-owned business, with depots at its Smethwick headquarters on Dartmouth Road, as well as in Tipton.

Its fleet of vehicles ranges from small cars and minibuses, right through to 38 tonne artic units, which are rented by individuals and businesses throughout the region.

Roy Langford, managing director of JB Langford and Co, said: “This deal has enabled us to enhance and complement our fleet with the acquisition of high-quality new vehicles. This marks a continuation of our long-standing relationship with Lloyds Bank.”

Lauro Rodi, regional manager at Lloyds Bank Commercial Finance, said: “The hire purchase facility is ideal for SMEs looking to bolster their infrastructure, helping them to acquire the equipment they need without impacting adversely on cashflow, and we’re pleased to have provided this package to West Midlands Hire & Haulage.”