Jo Gideon mp visits Stoke-on-Trent-based Prohire with a focus on how private equity is driving growth and a focus on sustainable vehicle hire and alternative fuels

Prohire has welcomed Jo Gideon, MP for Stoke-on-Trent Central, to its headquarters in the city to learn how private equity and investment is helping drive growth and fuel its ambition to lead the charge in sustainable vehicle hire.

Since 2018, when NorthEdge Capital acquired a majority stake in Prohire via a management buyout, the leading provider of commercial vehicle hire and fleet management solutions has grown exponentially. The company now employs over 80 people across its head office in Stoke-on-Trent and depot in Tunbridge Wells and has invested in a new Vehicle Maintenance Unit (VMU) at each site.

Jay Edwards, chief operating officer at Prohire said: “Private equity investment supports and helps SMEs to grow and thrive, transforming high-potential businesses. NorthEdge take a partnership approach, working with the management team to achieve our aspirations and goals. Thanks to NorthEdge’s backing we’ve been able to invest in local people, systems and sustainable infrastructure which will allow us to achieve our potential at a faster pace than we could do alone.”

In 2021, Prohire launched its sustainable vehicle hire and alternative fuels division ProGreen to support its customers in achieving their Net Zero ambitions by decarbonising fleets via the deployment of high-performing, reliable, zero-emission vehicle technology. ProGreen supported over 450 businesses to develop their fleet ESG strategy in 2022.

Through ProGreen, Prohire has added electric, hybrid, and connected vehicles to its fleet. Over ten per cent of new vehicles deployed by Prohire in 2022 featured an alternative technology in 2022, with a target to increase this to 30 per cent in 2023.

Pat Skelly, CEO at Prohire, said: “It was a great pleasure to host Jo at Prohire and show her what we’ve been able to achieve in the last five years thanks to the investment by NorthEdge Capital. It’s an exciting time for the Prohire Group as the business grows, particularly in the areas of sustainable vehicle hire and alternative fuels.

“We were able to discuss the part we’re playing in helping the Government reach its Green Industrial Revolution deadline and Net Zero targets. We also talked about being a proud employer in Stoke and our commitment to finding and training new talent from the local community, particularly for highly skilled technical roles.”

Jo Gideon, MP for Stoke-on-Trent Central, said: “I was genuinely impressed by my visit to Prohire. Witnessing their remarkable growth and sustainability efforts was inspiring. Their dedication to local employment and their alignment with the government’s Net Zero targets are truly commendable. Prohire serves as a shining example of how private equity can drive positive change and bolster thriving businesses within our community.”

Michael Moore, director general of the British Private Equity & Venture Capital Association (BVCA), said: “The BVCA are delighted to have facilitated a visit to Prohire for Jo Gideon MP, who has been able to witness first-hand how this fantastic business can, and is, playing a leading role in providing sustainable vehicle hire”.

“Prohire is one of many examples of how private equity and venture capital are supporting businesses to invest and grow”.

Established in 1997, Prohire supplies nationwide commercial vehicle contract hire and fleet management solutions to organisations in the foodservice, catering, chilled food, pharmaceuticals, building products, leisure retail and brewing, office supplies and waste management sectors, as well as specialist logistics companies and own account operators.