Pay-as-you-go car club Streetcar could press the button on a stock exchange listing within six months, after winning substantial new financial backing from Barclays Bank.
The company, which rents VW Golfs by the hour, plans to double its fleet to more than 1,000 cars within a year, after securing a £10m loan facility from business banking division Barclays Asset & Sales Finance.
treetcar co-founder Andrew Valentine said the support of a major bank meant it had 'achieved credibility in the financial community'. Car pools are enjoying a surge in popularity amid concerns about pollution and rising motoring costs. The annual bill for running a car used twice a week is £2,750, according to AA estimates. The equivalent number of trips with Streetcar costs £700.
Source: http://money.guardian.co.uk/news_/story/0,,2185223,00.html
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