A leading DAF truck dealership in Southampton has bought the latest emissions diagnostic technology after securing a £150,000 hire purchase facility from Lloyds Bank Commercial Banking.
Adams Morey, established in 1973 in Ringwood Hampshire, operates six DAF dealerships across the South Coast, as well as a van centre and a workshop facility at Southampton International Airport.
The business sells new and quality used DAF vehicles to truck operators across the UK and provides workshop and parts operations, supporting repair and maintenance to all DAF and other makes of vehicles, and also runs a 24 hour breakdown service.
It needed to invest in the technology following the launch of the new DAF Euro V1 standard, which requires a reduction in nitrogen oxides by 77% and particular matter by 66% from diesel engines.
The new software, Davie 4, allows Adams Morey technicians to carry out full diagnostics and tests on the engine, transmission and electronics of its vehicles, thereby ensuring trucks are operating to the latest standards put forward by the new emissions legislation.
The business approached the Global Transaction Banking team at Lloyds Bank – and used the hire purchase facility to buy the kit without affecting its day-to-day cash flow.
Adams Morey had an annual turnover of £88million in 2015 and employs 340 people across all of its sites based in the central south of the UK.
Managing director Mike Fennell said: “As a business we’re committed to investing in modern technology to enable our business to support our customer base and give the right tools to our skilled staff to maintain the upkeep of every truck that comes into our workshops.
“We’ve enjoyed a supportive relationship with Lloyds Bank; the team fully understood why we were looking to enhance our services and we’re looking forward to working with them in the future as our business grows.”
Peter Smith, regional manager at Lloyds Bank Commercial Banking, said: “Adams Morey is a great example of a successful mid-market business that has recognised the benefits of using a hire purchase facility to buy vital equipment without damaging its cash flow.
“We’re committed to working alongside businesses like Adams Morey to provide tailored funding support to enable them to meet their growth ambitions.”
