This week we talk to Diane Riley-Waite, a director of Midlands-based van hire company, We Do Rentals Ltd. Specialising in courier and self-drive van rentals, the business has grown at a rapid pace and with plans to expand overseas operations in 2018 and beyond, it’s on track to deliver great things.
Can you tell us more about your company?
Before starting We Do Rentals six years ago, fellow director Ali Akhtar and I had been friends for over 17 years, having previously worked together at the DX Group. We also shared a strong family background in logistics and it was this, combined with our industry experience that helped us to identify a real opportunity within the courier rental market, providing hire vehicles to both owner drivers and larger corporations.
Historically, this wasn’t an easy industry to serve, the rate of accidents and claims often put people off this type of business, but to us this just made for a greater challenge. It was clear that the market lacked a provider that could offer a complete solution, combining vehicles and insurances, with a flexibility to accept both short term and longer-term rentals.
Fast forward six years on and we have a team of 25 employees working from our head office in the Midlands, including an in-house solicitor specialising in claims management, an important progression with just under 1000 live rentals currently.
What are the advantages of using LDF to finance your business?
For us, it was all about delivering on customer need. For many of our self-drive customers, their van is their office and as such, they demanded a higher specification of vehicle options, that simply weren’t available as standard. Finance enables us to purchase these vehicles outright helping us to achieve a greater level of flexibility to cater for more bespoke requests.
LDF have supported us with a number of purchases, providing over 100 in the last quarter alone, this is definitely a model that works for our business.
Where do you hope the business will be in three years' time?
The business has grown phenomenally in the UK at a rate of 100% year on year, we have also recently launched a new Spanish operation to serve a growing European demand.
We anticipate developing rental business in Germany and Italy in 2018, with a view to achieving a target of 5,000 rental vehicles across the business by 2020.
In line with this, we plan to recruit for both our UK and European operations, helping us to create a super-site in the Midlands along with several satellite offices around Europe. It’s an exciting time for We Do Rentals, but equally for the individuals we are supporting as we are also helping them to develop their own businesses, and that is a great feeling.