A York-based specialist automotive engineering business is set to create jobs after securing a £200,000 funding injection from Reward Finance Group.
ProSpeed is set to create six jobs, with plans now in place to double the size of the 15-strong workforce over the next 12 months.
The company has benefitted from an increase in orders from across Europe thanks to its growing reputation for bespoke Land Rover Discovery accessories and specially designed six-wheel Hi-Lux chassis for emergency vehicles.
To help fulfil the orders, ProSpeed has arranged a £200,000 working capital injection from Reward Finance Group.
ProSpeed founder Olly Marshall said: “With all that has been happening, we count ourselves to be very lucky. We have some great opportunities on the horizon with the 6×6 vehicles, the Discovery accessories, and some other spin-off projects that have come about from our growing reputation, including electric vehicles.
“We are thankful to Reward for providing the financial support to allow us to commit to these opportunities. It has been refreshing to work with Alan Sanderson and the Reward team, as it is banking how it used to be, which is the approach a company like us needs, to be able to grow.”
Alan Sanderson, senior relationship manager at Reward Finance Group, added: “This is a truly inspirational success story. What started as a hobby for Olly has developed into a world-beating company staffed by a team of innovative and highly skilled automotive engineers.
“When Reward was introduced to the company by Craig Simpson at Real Commercial Finance, we met with Olly and we were very impressed with the structure, business plan, and the fact that orders are flooding in due to ProSpeed’s growing reputation for producing top quality products.
“We therefore had no hesitation in providing the business finance to enable the company to continue expand and meet its growing order book.”
Olly Marshall started ProSpeed in 2003 repairing rally cars. This evolved into building and selling vehicles; providing support at races; and eventually racing them.
In 2010, Marshall launched a service building a better range of off-road accessories for Land Rover Discoveries, including low-profile roof racks and underbody protection.
In 2016, the company converted four panel vans to replace articulated lorries with a more cost-effective and compact option for live broadcasts, at a cost of £1.4m each.
It haas also designed, developed, and manufactured ten, six-wheel Hi-Lux chassis, from concept to solution, for vehicles such as military ambulances, cherry pickers, fire and rescue vehicles. Orders have sincebeen received from customers in the UK, Poland, and the Czech Republic for 14 more fire engines for delivery this year, and 25 more in 2022.