Stansted-based Excel Passenger Logistics is set to really motor after receiving £750,000 worth of funding from Enterprise Finance Europe (EFE), one of the UK’s leading asset-based lenders, to help meet the cost of an ambitious growth programme by the rapidly-expanding coach company.

Established in 2003, Excel Passenger Logistics provides emergency air divert and rail replacement coach travel services throughout the UK for the likes of GNER and over 20 major airlines and handling agents. The company, which last year turned over £3.95m, also provides an airside service at Stansted Airport taking many of the crews to their waiting planes.

Headed up by Graham Hayden, Managing Director; Lyn Watson, Finance Director and William Hiron, Director, Excel Passenger Logistics was formerly a division of First Group plc that had been closed down after being declared a non-core operation.

The company, which employs 50 people, required a greater level of finance at lower cost and turned to EFE last month for a more flexible funding solution than was currently provided by its existing lender. EFE provided a £750,000 Confidential Invoice Discounting facility.

EFE commented “Excel Passenger Logistics is a business going places and was looking for a finance package that better met its future requirements and which had the flexibility to help finance some large new contracts it is on the brink of securing.”

Added Graham Hayden: “Our Company has been growing rapidly since it was established in 2003 but further funding was required. EFE was more than happy to help and has provided us with a Confidential Invoice Discounting facility which substantially increases the finances available to the business moving forward.”