Under the proposed plan, Croft would buy
ageing trailer units for refurbishment, before leasing them back to
their operators as higher value assets.
According to managing director Paul
Harrington, the business is in discussions with independent finance
providers to assess the market and consider potential
“In times like these,” said Harrington, “a
business has to be creative. Many operators are strapped for cash,
but they still have trailers on their books.
“Even if the banks won’t put forward finance,
we can help operators raise capital from what they already
Harrington said that, while the value
deterioration for trailers was much more predictable than for
tractor units, it would still be a challenge to accurately value
trailers purchased for the sale-and-leaseback scheme.
Croft currently has an annual turnover of
around £1.3 million (€1.4 million). Through developments including
the possible new leasing scheme, Harrington hopes to increase this
figure to £2 million by the end of the year.
• Croft Vehicle Services (CVS), established 25
years ago, conducts commercial vehicle repairs both on site, and
through a mobile repair unit.
• The company provides bespoke design for new
build commercial vehicles of over 7.5 tonnes.
• CVS is a part of the Croft group of
companies, overseen by chairman David V Croft.
• The group comprises Croft Vehicle Services,
as well as HGV fleet maintenance and repair company Croft Fleet
• The group also owns a tyre maintenance
business, with offices in Leeds and Gateshead.