Clydesdale Bank deal boosts Route Monkey

A FLEDGLING company that provides scheduling and route planning services to commercial fleets is on the road to expansion after securing a £2.25 million funding package from Clydesdale Bank.

Clydesdale Bank: Boost for Route Monkey. Picture: PA
Clydesdale Bank: Boost for Route Monkey. Picture: PA

Livingston-based Route Monkey plans to grow its workforce of 30 by a third over the next three-and-a-half years.

It is also seeking to expand overseas and is working with partners to provide vehicle routing services in Germany, Hong Kong and the US.

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Incorporated in January 2009, Route Monkey provides scheduling and routing software services to clients including Shell, BMW and supermarket chain Iceland, which has adopted the group’s scheduling technology across its 800 UK shops.

Director Colin Ferguson said: “Clydesdale Bank’s flexible funding will allow us to grow significantly. In addition to creating new jobs and increasing our footprint outwith the UK, the funding will also enable us to invest further in technology and continue to deliver innovation across the fleet industry.”

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Last year, the firm had net profits of £1.1m, against £400,000 in 2013. The business is one-third owned by North East Technology Fund, which invested more than £1m.