Driver Hire, part of Specialist People Services (SPS), has completed a new group-wide refinancing with Virgin Money, creating a stronger financial platform for the continued development of its franchise network.

The new facilities follow a competitive banking process and provide a more flexible funding structure to support long-term investment, expansion and network development.

The transaction is a further endorsement of a brand built over more than 42 years and of a franchise model that has combined strong local ownership with national scale and support.

Founded in 1983, Driver Hire is the UK’s largest provider of temporary drivers and has developed one of the country’s best-established recruitment franchise networks. Its standing has been recognised repeatedly through awards from the British Franchise Association (bfa) and Elite Franchise, and the business has built a strong reputation in both franchising and specialist recruitment.

The business has delivered record revenues and continues to grow, reflecting the strength of the model, the quality of the franchise network and the consistency of customer demand.

The refinancing will support continued investment in franchisee support, technology and expansion opportunities across both existing and new territories.

Chris Chidley commented, “This is a positive step for Driver Hire and for our franchise network. It reflects the quality of the model we have built over many years, gives us greater capacity to invest in support, capability and future expansion, and represents a significant endorsement of the Driver Hire brand.”

“It also reflects the broader strength of the business, including the continued success of our Australian operations. We see significant opportunity ahead and remain focused on helping franchisees grow strong, valuable businesses.”

Steve Roe, Senior Director at Virgin Money said, “We are delighted to continue our support of the SPS Group through this refinancing transaction, which will deliver significant benefits to the group and will provide a strong platform to support future growth. The business continues to go from strength to strength, backed by a strong management team, and we are pleased to support the group in the next stage of its development.”