Maverick Diagnostics in £100,000 expansion funding

Wrexham-based Maverick Diagnostics is set for expansion following an investment of £100,000 by the Development Bank of Wales.

The bank said the loan will enable the specialist vehicle diagnostic tool business to continue expanding its range of tools and technical support that the team of 12 offers workshops and garages throughout the UK. 

Maverick is developing an automatic software deployment system to provide regular software updates and is also preparing to launch a battery refurbishment and diagnostics service for EVs early this year, the bank said.

The company 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.

The bank said this is the second time it has supported Maverick, having issued a loan in April 2020 to help manage trading during the pandemic.

Maverick MD Laura Hall, 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 sector — 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.”

The loan came from the £500 million Wales Flexible Investment Fund. Financed by the 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. 

Bank portfolio executive Malcom Green said that while the UK automotive aftermarket is thriving, 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.”

Pictured, from left, Malcolm Green, Laura Hall and Andrew Brooke of Maverick Diagnostics. Photo: Development Bank of Wales