Nexus Vehicle Rental records fourth consecutive year of double digit growth

Nexus Vehicle Rental, the corporate vehicle rental provider, has delivered double-digit growth in revenue and profit for the fourth consecutive year.

Nexus offers daily, short, medium and long-term rental with access to over 550,000 vehicles, including 100,000 specialist and commercial vehicles and 50,000 HGVs across 2,000 UK locations.

The business’ fleet management platform IRIS offers complete visibility of the entire rental journey from the customer and supplier perspective. From live reservations including mileages, to damage claims and invoicing, on average it helps clients reduce rental spend by 20%.

Nexus achieved a record year for new business bringing on almost 100 new clients in 2017.

Earlier this year, Nexus became the first and only rental provider to offer a UK-wide HGV rental solution alongside cars and vans through a single source platform. The company now offers access to 50,000 HGVs, comprising 125 vehicle types from five tonnes upwards, via over 250 UK locations.

David Brennan, CEO of Nexus, said: “To record a fourth consecutive year of double digit revenue and profit growth is testament to our people, our service partners and our technology.

“As a highly ambitious and high growth business we have continued to invest in our technology and in developing industry-leading vehicle rental and business mobility solutions while delivering sustainable growth.

“In the consumer market a paradigm shift in the way we consume products and services is taking place. People are moving away from ownership in favour of usership, examples being subscription services like Netflix and mobile phone contracts for Smartphones.

“This mentality is gradually percolating through to the B2B market and due to the scalability and agility of our single source platform we are well placed to respond to ever-changing demand by adding new vehicle categories to our roster as and when customers want them.”

Founded in 1999, Nexus has achieved high growth year-on-year and has also appeared in the Sunday Times Profit Track 100 twice.

The business underwent a shareholder buyout in 2015 when private equity firm Bowmark Capital bought out previous investor Livingbridge, for £51m.

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