HCT Group raises £10million to fund growth
Social enterprise bus operator HCT Group has raised £10million from investors to fund its growth plans with the company targeting opportunities in the local bus market in the wake of potential regulatory change and spending cuts.
“The bus market is facing uncertainty at the moment - from changes to regulation to the impact of austerity on local authorities,” says Dai Powell, CEO. “However, we see this as a time of opportunity, with more and more local authorities looking for a different approach.
“An increasing number of commissioners are discovering that HCT Group offers that different approach - as a social enterprise, we work in partnership with commissioners and users, creating value for communities, not shareholders.”
“We intend to use this investment to fund growth, providing the resources to respond to opportunities in new markets and for building ‘whole-place’ networks, where the disadvantaged in society have the same access rights as everyone else.”
HCT Group claims to have grown by 62 per cent over the past 5 years, and says it plans to use the funding for potential acquisitions, enabling further rapid expansion.
“This investment will allow us to bring our social enterprise approach to an ever greater number of commissioners,” adds Powell. “I’d like to thank all our investors for giving us their support.”