A Hampshire company operating in the premium transport market has secured £125,000 from the Enterprise M3 (EM3) Expansion Loan Scheme to fund activity that will promote further growth of the business.
AV8 provides a bespoke chauffeur service out of Farnborough airport, the only airport close to London that is dedicated to business aviation. Since 2003 Tag Aviation has been positioning Farnborough as a world-leading business airport and the number of flights it operates continues to increase year on year.
AV8 was started 12 years ago by Adam Poulton when he noticed the lack of a luxury transport service that would adequately meet the expectations of customers using the airport. Since then the company has established a reputation for providing high standards of quality and service and benefits from many loyal customers. Business is now booming and investment is required to meet growing demand, as Adam explains:
“As the only chauffeur company operating from within the airport terminal building, we have focused on offering a level of service which matches that provided by the airport as a whole. As a result, we experience high levels of repeat business and word of mouth referrals which, along with ongoing airport expansion, has led to demand outstripping the drivers we can supply. This loan will allow us to build our team to meet current and future demand.”
Derek Ellis, fund manager at The FSE Group, which manages the EM3 Expansion Loan Scheme on behalf of Enterprise M3 Local Enterprise Partnership (LEP), comments: “Adam has developed an excellent relationship with Tag Farnborough and has worked hard to grow the business in line with wider airport growth over the last decade. We are delighted to support AV8 in continuing this growth as the airport expands further.”
Kathy Slack, Director, Enterprise M3 LEP, comments: “Farnborough airport is a globally-significant site which is home to major aerospace and defence companies. The Airshow, held there every two years, is a world-leading launch platform for aviation techology and new aircraft.
“Within this internationally-focused context, we are delighted to support a locally-based company whose incredible standards of quality and service have enabled it to expand in tandem with the airport’s activities. We wish AV8 much success in its advancing business journey.”
The EM3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, £10million initiative funded by Enterprise M3 LEP. The escalator, which also includes a short-term trade loan scheme and an equity growth fund, provides eligible companies with loans and equity funding between £50,000 and £300,000 for activities that will deliver high-growth and employment opportunities across the EM3 area.