Bank supports vehicle recovery firm’s expansion

A national vehicle recovery operator is to open a new site in Derby after receiving a £3 million funding package from HSBC UK.

Established in 1990, Richford Motor Services provides 24-hour breakdown, repair, and recovery services for light and commercial vehicles.

The 65,000 sq ft site will be Richford Motor Service’s 12th UK depot, enabling the company to store vehicles.

It will also create space for repair work and a body shop, allowing Richford Motor Services to hire up to 30 additional employees in a variety of roles.

Director Philip Richford said: “The support from HSBC UK has enabled us to invest in key areas of our business, which will allow us to offer our customers in Derbyshire a quicker and more efficient vehicle recovery service whilst promoting our company growth.”

Chirag Makwana, relationship manager at HSBC UK, said: “Vehicles of all sizes play a key role in our lives.

“Supporting Richford Motor Services by enabling its expansion within Derbyshire will allow the business to continue offering reliable, consistent, and affordable vehicle breakdown support and repairs to customers of all sizes in the region.”

The building Richford has taken is the former Derby Wholesale Market, which was sold in a deal involving FHP Property Consultants.