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Ogilvie expands following funding injection
Date: 29 November 2011 | Author: Jack Carfrae
Ogilvie Fleet has begun expanding following new funding from Barclays Corporate. The firm was previously funded by the Royal Bank of Scotland, but the new deal has made additional funds available and allowed Ogilve to continue growing its fleet.
The company manages more than 10,500 vehicles but plans to grow this to around 12,000 within two to four years. Ogilve ranks just outside the top 20 of BusinessCar's current top 50 fleet firms, and it's expected that this new cash injection and expansion will increase its profile.
The additional funding is also a potential sign of confidence within the sector. Head of business development for Barclays Corporate in Scotland, Andy Hall, said: "Duncan Ogilve [group chief executive] and his team have managed market risks really well through the cycle, and while we are sure they will continue to expand cautiously, it seemed to us that providing more capacity to help Ogilve play its part in sector recovery was a decision justified by their track record and strong balance sheet."
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