GSM and Wesleyan Bank electrify the ambulance sector
GSM Finance (GSM) has enabled one of its customers to reduce their environmental impact by purchasing the UK’s first fully electric ambulance, through securing funding from Wesleyan Bank.
GSM is London’s largest independent asset finance brokerage. The company is the longstanding finance partner of The HATS Group, a leading provider of healthcare transport services to the NHS, mental health trusts and a range of public sector bodies with a multi-service fleet of over 800 vehicles.
The HATS Group wants to be at the forefront of operating the most technologically advanced, carbon efficient ambulance services as part of a major, phased initiative aimed at improving sustainability. The business turned to GSM to secure funding to purchase the Renault Master Z.E, one of the leading electric vehicles in the world offering the latest battery technology covering a range of 95 miles with a single charge.
“Although the environmental and economic need for electric vehicles is increasingly apparent across many sectors, its technology infrastructure is relatively in its infancy. There is a lack of understanding amongst some finance providers and this, combined with the economic uncertainty due to the pandemic, makes securing funding for electric vehicles more challenging,” explains Roger Wood, business development director at GSM Finance.
After evaluating its funding partners, GSM selected Wesleyan Bank. The specialist commercial lender is experienced in providing bespoke and flexible finance solutions for all types of asset investments. Wesleyan Bank was able to provide a finance lease facility over a term of four years to enable The HATS Group to spread the cost of purchasing the Renault Master Z.E.
“Wesleyan Bank are easy to deal with and have enabled us to open up a significant new funding line for The HATS Group. Unlike other lenders we approached, they were willing to fund the entire cost of the electric vehicle without requiring a deposit,” comments Roger Wood.
Following the purchase of the vehicle, The HATS Group has modified the Renault Z.E Master to become the first fully electric ambulance for the private sector in the UK. With the help of conversion and design specialist Blue Light Services, solar panels have been added on the roof of the ambulance which act as a booster source of energy for the running of the vehicle.
“The demand for widespread zero-emission transport is set to rapidly increase over the coming years so having an experienced finance partner you can rely on is vital. With the help of Wesleyan Bank, GSM are delighted to assist The HATS Group on its ambitious journey to significantly reduce its carbon footprint,” adds Roger Wood.