Supporting British Businesses

Organised by our SME Lending team, Wattsway Travel received a funding package for their new 53-seat Yutong TCe12 all electric coach, which offers a range in excess of 200 miles at a full charge.

The family-run business was founded in 2017 by Mark Watts. The vehicle will be primarily used to service contracts for schools in South West London and is the first electric vehicle in the company’s nine-strong fleet.

Wattsway Travel  estimates that the vehicle will remove 414kg of Co2 that a diesel vehicle of a similar size with a Euro 6 compliant engine would produce over a 10-year period, based on 44,000 miles per year.

Paragon is keen to support a range of green assets and this is a great example of how we can support a new type of asset.

How we helped 

Mark said: “I have been delighted with the performance of the coach and I would like to transition the fleet towards being predominantly electric over the next four to five years. The majority of our work is within urban areas, so they are the ideal solution.

“We have a number of contracts with schools and the pupils were increasingly asking why we were using diesel vehicles when electric options were available. As a country, we are becoming more accepting of – and enjoying – electric vehicles and that is now extending to commercial vehicles.”

Fraser Tilley, Asset Finance Regional Director said: “We were delighted to support Mark and Wattsway Travel with this funding. Companies such as Wattsway Travel are pioneering new ways of operating and making the important steps we require as we move towards net zero by 2050. Paragon is keen to support a range of green assets and this is a great example of how we can support a new type of asset.”

Find out more about how we can support your business on our Asset Finance page.