Laura Hall, the Managing Director of Wrexham-based Maverick Diagnostics is preparing for expansion following an investment of £100,000 by the Development Bank of Wales.
As a specialist vehicle diagnostic tool business, Maverick Diagnostics has reported growth of 25% in the last year having launched a training academy to upskill local mechanics and technicians that will shortly feature additional courses on Tesla and ADAS Calibration. It is the second time that the company has had support from the Development Bank, having received a loan in April 2020 to help manage trading during the Covid-19 pandemic.
The £100,000 loan will enable Maverick Diagnostics to continue to grow the range of diagnostic tools and technical support that the team of 12 offers automotive workshops and garages throughout the UK. The company is developing an automatic software deployment system that will provide regular software updates plus preparing to launch a battery refurbishment and diagnostics service for electric vehicles in early 2025.
As Managing Director of Maverick Diagnostics, Laura Hall is a proud ambassador for women in the automotive industry and member of The Automotive 30% Club which campaigns for achieving a better gender balance within the automotive industry. Laura said: “We are the first European company to support all dealer diagnostic tools in the aftermarket. Over the last 10 years, we have established trust and partnerships across the world, giving the aftermarket workshops the ability to fully compete with main dealer networks.
“Our wide range of diagnostic tools is ideal for small and large workshops. We were able to maintain our service throughout the pandemic thanks to the support of the Development Bank. With a good understanding of our business, the Bank has now been able to structure a funding package with terms that work for us so we can continue with our efforts to empower the aftermarket, by reaching more garages and encouraging them to embrace new technology. It’s all about making the future more accessible. “
Malcom Green is a Portfolio Executive with the Development Bank. He said: “The UK automotive aftermarket is thriving, but smaller, more local garages can sometimes struggle to keep up with advances in diagnostic technology. Maverick Diagnostics benefits from a highly skilled team who have a passion for sharing their technology and expertise with garages and workshops throughout the UK, enabling them to compete with main dealers. Our support for their business means that they can do more to enable their customers to help car owners with repair, maintenance and service requirements.”
The loan for Maverick Diagnostics came from the £500 million Wales Flexible Investment Fund. Financed by Welsh Government, the Fund is for deals between £25,000 and £10 million. Loans, mezzanine finance, and equity investments are available for Welsh businesses with terms of up to 15 years.
