A fleet safety company in Lichfield is on the road to further growth after securing private equity investment in its 15th anniversary year.
Motormax, a family-run business based at Shenstone Business Park, has entered into a strategic investment partnership with MxP Partners LLP (“MxP”), which is renowned for scaling high-growth businesses.
Initially formed by brothers James and Jonathan Haycock, Motormax provides vehicle electronics designed to enhance safety – including bespoke cameras and software for articulated lorries, delivery trucks and smaller vehicles.
The firm now employs 55 staff and services thousands of clients across the UK including many established names, as well as stocking some of its own vehicle safety equipment in high street retailers such as Halfords.
Motormax revenues have consistently increased every year since 2010, with the company enjoying ‘significant growth’ since it began to receive financial advice from leading accountancy firm HB&O, which has offices in Birmingham, Coventry and Leamington Spa.
HB&O’s suite of services has ranged from preparing monthly, quarterly and year-end accounts, through to specialist VAT advice, payroll and tax relief.
Sue Long, Finance Director at Motormax, said: “This investment will enable us to accelerate our new product launch strategy through increased R&D investment, expand into new sectors and global markets, and further enhance our operations to ensure we remain the trusted choice for pioneering fleet safety solutions.
“HB&O played a key role throughout the investment process, offering background support and advice. Their deep knowledge of our business and financials, as part of our long-term working relationship, meant they were able to guide us through the complexities of the transaction and provide valuable insight at every stage.
“For me personally, having their team on hand to advise throughout made a huge difference, and their professionalism and responsiveness gave us real confidence during a pivotal moment for the business.”
Sue added: “We’ve worked with HB&O since 2021, during what has been a period of significant change and growth for Motormax. At that point, we moved away from a smaller firm and conducted a complete overhaul of our internal systems, including implementing a new ERP system.
“HB&O supported us through that transition and have continued to be a key partner ever since. They’ve helped professionalise our financial processes, improve how we report into the system, and supported us through our first audit.
“They also advised on a complex demerger relating to a building purchase, tax advice and export. Importantly, they don’t operate as an external body we check in with occasionally — they work alongside us and understand our business inside out.”
Simon Turner, Director at HB&O, said: “Having worked hand-in-hand with Motormax on what has been an impressive trajectory of growth over the years, we have seen first-hand their ability to anticipate and fulfil demand that is triggered by social and legislative change.
“This latest investment is an exciting one that will help them to ramp up their research and development even further.
“As a family-run firm, they have appreciated the expertise we have provided over the years. Whether challenging them earlier in our working relationship to think critically about structure and long-term planning, driving everyday efficiencies relating to payroll and managing the accounts, or receiving ad hoc advice around VAT.
“They are a shining example to other entrepreneurs of how to gradually grow a business in partnership with external professional advice, and we wish them every success in the future.”
For the strategic investment partnership, Motormax was advised by Convex Corporate Finance, Knights (Legal Advisor) and Claritas (Tax Advisor). MxP was advised by Shakespeare Martineau (Legal Advisor), Cooper Parry (Financial Advisor) and RSM (Tax Advisor).
