Croft Vehicle Services, an HGV trailer
refurbishing firm based in Nottingham, is considering offering a
leasing service to its haulage sector clients.
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 offerings.

“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 value deterioration for trailers was
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.
Through developments including the possible new leasing scheme,
Harrington hopes to increase this figure to £2 million by the end
of the year.