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Sean Kerrigan, Access and Andy Matley from RBS

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7:26 am, February 23, 2010
Accident management firm borrows £250,000 under EFG

A business which provides replacement vehicles to motorists involved in non-fault accidents has borrowed £250,000 from Royal Bank of Scotland under the government-backed Enterprise Finance Guarantee Scheme.

Access Claims Solutions, based on Bury New Road, Whitefield, will use the money to replace older vehicles in its fleet. It has also bought 20 new vehicles using funding from Lombard, the asset finance arm of RBS.

Payment terms in the accident management sector are longer than average and RBS said the funding would ensure the company had sufficient working capital to support day to day operations.

Access is a service provider to more than 25 insurers and accident intermediaries and has a fleet of 90 vehicles ranging from hatchbacks to executive saloons.

Access also arranges repairs, obtains payment if the vehicle is written off and manages personal injury claims. It employs 12 people and has a turnover of £1.5m.

Recent contract wins include work to provide replacement vehicles for a private hire taxi firm on the Fylde coast.

Sean Kerrigan, Access Claims Solutions director, said: “As the business grows so does the importance of having a strong funding structure to support our operations. We operate in a cash intensive sector and therefore its essential to have a working capital facility in place prior to undertaking any capital expenditure or taking on any new contracts.”

Relationship manager Andy Matley, at RBS Business & Commercial in Manchester, said: “The longer payment terms which typify this sector mean that Access has a requirement for a flexible working capital facility and we are happy to support their needs.”

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