Global › Portfolio › Requex Mobile Tyres UK program
99 Operators portfolio
10 productive units deployed into Requex Mobile Tyres UK · Planning scenario v3 (asset platform), working model, configurable, not guaranteed, never public
Period: month 12Scenario v3Unit charge £20,000.00 a year, modelledSeed £250,000.00 · 99 capital £20,000.00 a unit · operator £15,000.00Asset owner: 99 Operators (entity TBD)GBP ex-VAT
Portfolio
Seed engine
Cashflow engine
Units and assets
Agreements and charges
Underwriting
Lifecycle and residual
Economics
Procurement
Capital and custody
Separation
Seed capital raised
£250,000.00
Seed round · via regulated provider into the 99 structure
99 capital deployed
£200,000.00
10 units × £20,000.00 · seed reserve £50,000.00
Productive assets activated
£350,000.00
incl. operator contributions £150,000.00 · activation ratio 1.75×
Contracted unit revenue
£200,000.00 a year
£16,666.67 a month · 10 × £20,000.00
Collections, month 12
£16,666.67
arrears £0.00 · defaults 0
Asset book value
£297,500.00
est. market £305,000.00 · residual at year 4 £80,000.00 illustrative
Capital raised is not revenue, and gross unit receipts are not investor returns. 99's revenue is the contractual unit charge from networks plus residual asset value, before cost of capital, maintenance, insurance, defaults, downtime, fleet management, administration, tax, depreciation and distributions.
Five parties, kept apart asset owner · network · operator business · brand · customer contracting party
99 Operators (asset owner)
- Units owned10
- Unit charges, m12£16,666.67
- Book value£297,500.00
- Share of operator profitnone
Requex (network)
- Unit charges owed to 99£16,666.67 a month
- Operator contributions toward units10 × £15,000.00 (recipient TBD)
- Software, payments, procurementown ledger
- DSCR, network2.7× modelled
Operator businesses (10)
- Customer revenue, m12£141,000.00
- Profit after coststheirs
- Unit chargenot theirs
- Van ownershipnone, 99's
Brand
- Requex Mobile Tyreslicensed
- Customer wording"independently owned and operated by [Operator Ltd]"
Investors (via provider)
- Seed subscribed£250,000.00
- InstrumentTBD, US counsel
- Distributionsper instrument
- Invests inthe 99 structure only
Assets by state
| State | Units | Activated cost | Monthly charge |
|---|---|---|---|
| Active | 8 | £280,000.00 | £13,333.33 |
| Active, operator being replaced | 1 | £35,000.00 | £1,666.67 |
| Converting | 1 | £35,000.00 | £1,666.67 from commencement |
| Idle · under repair · being recovered · redeployed · disposed | 0 | £0.00 | £0.00 |
| Portfolio | 10 | £350,000.00 | £16,666.67 |
Network performance coverage is the gate
| Network | Units | Contracted revenue | Collections | Defaults | Coverage |
|---|---|---|---|---|---|
| Requex Mobile Tyres UKREQUEX_MOBILE_TYRE_UNIT · program v1 | 10 | £200,000.00 a year | 100.0% | 0 | 2.7× modelled |
| FixTradeFIXTRADE_SERVICE_UNIT · program not yet defined | 0 | £0.00 | No program | ||
| RoastnetROASTNET_MOBILE_COFFEE_UNIT · program not yet defined | 0 | £0.00 | No program |
The flagship 99-unit portfolio may be one network or diversified (for example 50 Requex, 25 FixTrade, 24 Roastnet); both are configuration.
Three metrics, kept apart
- Gross unit receipts / deployed capital57.14% a year
- 99 asset marginafter cost of capital, depreciation, fleet costs, losses
- Investor returnper instrument, never shown
Operator churn vs asset churn
- Operators replaced, 12 months1
- Assets lost0
- Units redeployed0 (2167 re-let in place)
An operator leaving ends a relationship; the asset stays on 99's books.
Capital evolution
- Phase 1Equity, deploy, prove
- Phase 2Season the portfolio
- Phase 3Institutional asset finance
99 Seed Engine can £250,000.00 reach a self-replenishing engine? base scenario, monthly, all parameters
Seed raised · remaining
£250,000.00 · £50,000.00
reserve and working capital, not deployable
99 capital deployed
£200,000.00
10 × £20,000.00
Operator contributions
£150,000.00
10 × £15,000.00 toward units
Productive assets activated
£350,000.00
CapitalActivationRatio 1.75×, not leverage
Annualised unit revenue at 10 live
£200,000.00
£16,666.67 a month run-rate, not year-1 cash
Approved capital-ready operators
1.2 a month
the growth metric · target 1 to 2
Asset-level payback
Month 17
Cumulative unit receipts pass the initial £200,000.00 of 99 capital (base run)
Company profitability
Engine output
99 revenue over all operating, financing, depreciation and corporate costs
Investor ROI
Not shown
Per the instrument; never "money back in year 2"
Base scenario, 36 months 1 unit a month for 10 months, then organic units when cash after deployment stays above the £50,000.00 reserve · central £4,000.00 a month · maintenance £150.00 a unit a month · all parameters
| Month | Units | Live | Collections | Costs | 99 deployed | Closing cash | Cum. receipts | Cum. 99 capital | Funded | Payback % |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 1 | 0 | £0.00 | (£4,000.00) | (£20,000.00) | £226,000.00 | £0.00 | £20,000.00 | 0.0% | |
| 2 | 2 | 1 | £1,666.67 | (£4,150.00) | (£20,000.00) | £203,516.67 | £1,666.67 | £40,000.00 | 4.2% | |
| 3 | 3 | 2 | £3,333.33 | (£4,300.00) | (£20,000.00) | £182,550.00 | £5,000.00 | £60,000.00 | 8.3% | |
| 4 | 4 | 3 | £5,000.00 | (£4,450.00) | (£20,000.00) | £163,100.00 | £10,000.00 | £80,000.00 | 12.5% | |
| 5 | 5 | 4 | £6,666.67 | (£4,600.00) | (£20,000.00) | £145,166.67 | £16,666.67 | £100,000.00 | 16.7% | |
| 6 | 6 | 5 | £8,333.33 | (£4,750.00) | (£20,000.00) | £128,750.00 | £25,000.00 | £120,000.00 | 20.8% | |
| 7 | 7 | 6 | £10,000.00 | (£4,900.00) | (£20,000.00) | £113,850.00 | £35,000.00 | £140,000.00 | 25.0% | |
| 8 | 8 | 7 | £11,666.67 | (£5,050.00) | (£20,000.00) | £100,466.67 | £46,666.67 | £160,000.00 | 29.2% | |
| 9 | 9 | 8 | £13,333.33 | (£5,200.00) | (£20,000.00) | £88,600.00 | £60,000.00 | £180,000.00 | 33.3% | |
| 10 | 10 | 9 | £15,000.00 | (£5,350.00) | (£20,000.00) | £78,250.00 | £75,000.00 | £200,000.00 | 37.5% | |
| 11 | 11 | 10 | £16,666.67 | (£5,500.00) | (£20,000.00) | £69,416.67 | £91,666.67 | £220,000.00 | organic | 41.7% |
| 12 | 12 | 11 | £18,333.33 | (£5,650.00) | (£20,000.00) | £62,100.00 | £110,000.00 | £240,000.00 | organic | 45.8% |
| 13 | 13 | 12 | £20,000.00 | (£5,800.00) | (£20,000.00) | £56,300.00 | £130,000.00 | £260,000.00 | organic | 50.0% |
| 14 | 14 | 13 | £21,666.67 | (£5,950.00) | (£20,000.00) | £52,016.67 | £151,666.67 | £280,000.00 | organic | 54.2% |
| 15 | 14 | 14 | £23,333.33 | (£6,100.00) | (£0.00) | £69,250.00 | £175,000.00 | £280,000.00 | 62.5% | |
| 16 | 15 | 14 | £23,333.33 | (£6,100.00) | (£20,000.00) | £66,483.33 | £198,333.33 | £300,000.00 | organic | 66.1% |
| 17 | 16 | 15 | £25,000.00 | (£6,250.00) | (£20,000.00) | £65,233.33 | £223,333.33 | £320,000.00 | organic | 69.8% |
| 18 | 17 | 16 | £26,666.67 | (£6,400.00) | (£20,000.00) | £65,500.00 | £250,000.00 | £340,000.00 | organic | 73.5% |
| 19 | 18 | 17 | £28,333.33 | (£6,550.00) | (£20,000.00) | £67,283.33 | £278,333.33 | £360,000.00 | organic | 77.3% |
| 20 | 19 | 18 | £30,000.00 | (£6,700.00) | (£20,000.00) | £70,583.33 | £308,333.33 | £380,000.00 | organic | 81.1% |
| 21 | 20 | 19 | £31,666.67 | (£6,850.00) | (£20,000.00) | £75,400.00 | £340,000.00 | £400,000.00 | organic | 85.0% |
| 22 | 21 | 20 | £33,333.33 | (£7,000.00) | (£20,000.00) | £81,733.33 | £373,333.33 | £420,000.00 | organic | 88.9% |
| 23 | 22 | 21 | £35,000.00 | (£7,150.00) | (£20,000.00) | £89,583.33 | £408,333.33 | £440,000.00 | organic | 92.8% |
| 24 | 23 | 22 | £36,666.67 | (£7,300.00) | (£20,000.00) | £98,950.00 | £445,000.00 | £460,000.00 | organic | 96.7% |
| 25 | 24 | 23 | £38,333.33 | (£7,450.00) | (£20,000.00) | £109,833.33 | £483,333.33 | £480,000.00 | organic | 100.7% |
| 26 | 25 | 24 | £40,000.00 | (£7,600.00) | (£20,000.00) | £122,233.33 | £523,333.33 | £500,000.00 | organic | 104.7% |
| 27 | 26 | 25 | £41,666.67 | (£7,750.00) | (£20,000.00) | £136,150.00 | £565,000.00 | £520,000.00 | organic | 108.7% |
| 28 | 27 | 26 | £43,333.33 | (£7,900.00) | (£20,000.00) | £151,583.33 | £608,333.33 | £540,000.00 | organic | 112.7% |
| 29 | 28 | 27 | £45,000.00 | (£8,050.00) | (£20,000.00) | £168,533.33 | £653,333.33 | £560,000.00 | organic | 116.7% |
| 30 | 29 | 28 | £46,666.67 | (£8,200.00) | (£20,000.00) | £187,000.00 | £700,000.00 | £580,000.00 | organic | 120.7% |
| 31 | 30 | 29 | £48,333.33 | (£8,350.00) | (£20,000.00) | £206,983.33 | £748,333.33 | £600,000.00 | organic | 124.7% |
| 32 | 31 | 30 | £50,000.00 | (£8,500.00) | (£20,000.00) | £228,483.33 | £798,333.33 | £620,000.00 | organic | 128.8% |
| 33 | 32 | 31 | £51,666.67 | (£8,650.00) | (£20,000.00) | £251,500.00 | £850,000.00 | £640,000.00 | organic | 132.8% |
| 34 | 33 | 32 | £53,333.33 | (£8,800.00) | (£20,000.00) | £276,033.33 | £903,333.33 | £660,000.00 | organic | 136.9% |
| 35 | 34 | 33 | £55,000.00 | (£8,950.00) | (£20,000.00) | £302,083.33 | £958,333.33 | £680,000.00 | organic | 140.9% |
| 36 | 35 | 34 | £56,666.67 | (£9,100.00) | (£20,000.00) | £329,650.00 | £1,015,000.00 | £700,000.00 | organic | 145.0% |
Base run: 12 units at month 12, 23 at month 24, 35 at month 36, 25 funded organically with £500,000.00 recycled. Closing cash at month 36 £329,650.00 before investor distributions, tax and VAT flows, which the CapitalAllocationPolicy governs. Illustrative; conservative and upside scenarios run on the same engine with their own parameters.
CapitalAllocationPolicy priority waterfall, configurable
| Priority | Allocation | Rule |
|---|---|---|
| 1 | Reserve requirements | Floor £50,000.00 plus 3 months of central costs, parameter |
| 2 | Operating costs | Central, maintenance, insurance, defaults |
| 3 | Investor distributions | Per instrument, TBD |
| 4 | Capital recycling | Redeployed capital, not profit |
| 5 | New unit deployment | organically_fundable_units = cash available ÷ £20,000.00, gated by pipeline, reserve, suppliers, territory, underwriting, assets |
Ledger lines kept apart
cash_generatedcapital_recycledoperating_profitinvestor_distributionretained_earningscapital_available
North-star metrics
- 99 capital per unit~£20,000.00
- Operator capital per unit~£15,000.00
- Total unit cost~£35,000.00
- Contracted annual payment~£20,000.00
- Sales velocity~1 to 2 a month
- Year-1 live units~10
- Capital recycle rateengine
- Unit payback (asset level)~12 months gross on 99 capital
Pipeline
- Applications41
- Qualified14
- Territory approved9
- £15,000.00 ready5
- 99 capital approved2
- Ordered · deployed · live1 · 0 · 10
Procurement upside
- £30,000.00 unit · operator £15,000.00 · 99 £15,000.00activation 2.0×, 99 payback ~9 months
- Or savings allocated differentlyparameter
Monthly cashflow engine · 36 months · three scenarios every parameter is configuration; nothing here is a forecast or a return
Answering the seed question. Can £250,000.00 reach a point where the portfolio funds a material share of its own deployments? Base and upside say yes on these parameters; conservative shows the engine stalling and the cash floor being breached, which is exactly what the reserve gate and the sales pipeline must prevent. Asset-level payback below is cumulative collections against the seed-funded 99 capital; it is not company profitability and not investor ROI.
Scenario parameters D35 asks you to confirm or replace these
| Scenario | 99 capital per unit | Approved operators | Charge start delay | Collection leakage | Central costs / month | Maintenance / unit / month | Reserve floor |
|---|---|---|---|---|---|---|---|
| Conservative | £23,000.00 | 0.6 / month | 1 month | 5% | £5,000.00 | £250.00 | £60,000.00 |
| Base | £20,000.00 | 1.0 / month | 0 month | 0% | £4,000.00 | £150.00 | £50,000.00 |
| Upside | £17,000.00 | 1.5 / month | 0 month | 0% | £4,000.00 | £120.00 | £50,000.00 |
Common to all: £250,000.00 seed, £20,000.00 a year unit charge, operator contribution alongside each unit (separate ledger), deployment gated on cash after deployment staying above the reserve floor, one to two units a month pipeline. Conservative uses a £38,000.00 unit (99 capital £23,000.00); upside a £32,000.00 unit (99 capital £17,000.00) from procurement savings without reducing the operator contribution.
Scenario comparison
| Scenario | Units, m12 | Cash, m12 | Units, m24 | Cash, m24 | Units, m36 | Cash, m36 | Cum. collections, m36 | Asset-level payback of the first 10 | Lowest cash |
|---|---|---|---|---|---|---|---|---|---|
| Conservative | 7 | £65,000.00 | 10 | £70,666.67 | 20 | £7,333.33 | £471,833.33 | month 26 | negative £29,333.33 |
| Base | 12 | £62,100.00 | 24 | £89,566.67 | 36 | £338,466.67 | £1,046,666.67 | month 17 | £46,483.33 |
| Upside | 18 | £44,480.00 | 36 | £173,040.00 | 54 | £635,680.00 | £1,560,000.00 | month 13 | £42,706.67 |
Closing cash is before investor distributions, tax and VAT flows, which the CapitalAllocationPolicy governs. The conservative run breaches its reserve because the deployment gate here only checks cash after deployment; the engine must also look ahead at the next three months of central costs before releasing capital. That is a finding, recorded in the plan.
Conservative, quarterly
| Month | Units | Live | Collections | Costs | Closing cash | Cum. collections | Cum. 99 capital |
|---|---|---|---|---|---|---|---|
| 3 | 1 | 0 | £0.00 | (£5,000.00) | £212,000.00 | £0.00 | £23,000.00 |
| 6 | 3 | 2 | £3,166.67 | (£5,500.00) | £156,333.33 | £6,333.33 | £69,000.00 |
| 9 | 5 | 4 | £6,333.33 | (£6,000.00) | £107,333.33 | £20,583.33 | £115,000.00 |
| 12 | 7 | 5 | £7,916.67 | (£6,250.00) | £65,000.00 | £42,750.00 | £161,000.00 |
| 15 | 7 | 7 | £11,083.33 | (£6,750.00) | £76,666.67 | £74,416.67 | £161,000.00 |
| 18 | 10 | 7 | £11,083.33 | (£6,750.00) | £20,666.67 | £107,666.67 | £230,000.00 |
| 21 | 10 | 10 | £15,833.33 | (£7,500.00) | £45,666.67 | £155,166.67 | £230,000.00 |
| 24 | 10 | 10 | £15,833.33 | (£7,500.00) | £70,666.67 | £202,666.67 | £230,000.00 |
| 27 | 15 | 10 | £15,833.33 | (£7,500.00) | £-19,333.33 | £250,166.67 | £345,000.00 |
| 30 | 15 | 15 | £23,750.00 | (£8,750.00) | £25,666.67 | £321,416.67 | £345,000.00 |
| 33 | 15 | 15 | £23,750.00 | (£8,750.00) | £70,666.67 | £392,666.67 | £345,000.00 |
| 36 | 20 | 20 | £31,666.67 | (£10,000.00) | £7,333.33 | £471,833.33 | £460,000.00 |
Base, quarterly
| Month | Units | Live | Collections | Costs | Closing cash | Cum. collections | Cum. 99 capital |
|---|---|---|---|---|---|---|---|
| 3 | 3 | 2 | £3,333.33 | (£4,300.00) | £182,550.00 | £5,000.00 | £60,000.00 |
| 6 | 6 | 5 | £8,333.33 | (£4,750.00) | £128,750.00 | £25,000.00 | £120,000.00 |
| 9 | 9 | 8 | £13,333.33 | (£5,200.00) | £88,600.00 | £60,000.00 | £180,000.00 |
| 12 | 12 | 11 | £18,333.33 | (£5,650.00) | £62,100.00 | £110,000.00 | £240,000.00 |
| 15 | 14 | 14 | £23,333.33 | (£6,100.00) | £69,250.00 | £175,000.00 | £280,000.00 |
| 18 | 18 | 16 | £26,666.67 | (£6,400.00) | £47,016.67 | £251,666.67 | £360,000.00 |
| 21 | 21 | 20 | £33,333.33 | (£7,000.00) | £61,466.67 | £346,666.67 | £420,000.00 |
| 24 | 24 | 23 | £38,333.33 | (£7,450.00) | £89,566.67 | £456,666.67 | £480,000.00 |
| 27 | 27 | 26 | £43,333.33 | (£7,900.00) | £131,316.67 | £581,666.67 | £540,000.00 |
| 30 | 30 | 29 | £48,333.33 | (£8,350.00) | £186,716.67 | £721,666.67 | £600,000.00 |
| 33 | 33 | 32 | £53,333.33 | (£8,800.00) | £255,766.67 | £876,666.67 | £660,000.00 |
| 36 | 36 | 35 | £58,333.33 | (£9,250.00) | £338,466.67 | £1,046,666.67 | £720,000.00 |
Upside, quarterly
| Month | Units | Live | Collections | Costs | Closing cash | Cum. collections | Cum. 99 capital |
|---|---|---|---|---|---|---|---|
| 3 | 4 | 3 | £5,000.00 | (£4,360.00) | £176,186.67 | £6,666.67 | £68,000.00 |
| 6 | 9 | 7 | £11,666.67 | (£4,840.00) | £105,480.00 | £35,000.00 | £153,000.00 |
| 9 | 13 | 12 | £20,000.00 | (£5,440.00) | £73,426.67 | £86,666.67 | £221,000.00 |
| 12 | 18 | 16 | £26,666.67 | (£5,920.00) | £44,480.00 | £160,000.00 | £306,000.00 |
| 15 | 22 | 21 | £35,000.00 | (£6,520.00) | £54,186.67 | £256,666.67 | £374,000.00 |
| 18 | 27 | 25 | £41,666.67 | (£7,000.00) | £67,000.00 | £375,000.00 | £459,000.00 |
| 21 | 31 | 30 | £50,000.00 | (£7,600.00) | £118,466.67 | £516,666.67 | £527,000.00 |
| 24 | 36 | 34 | £56,666.67 | (£8,080.00) | £173,040.00 | £680,000.00 | £612,000.00 |
| 27 | 40 | 39 | £65,000.00 | (£8,680.00) | £266,266.67 | £866,666.67 | £680,000.00 |
| 30 | 45 | 43 | £71,666.67 | (£9,160.00) | £362,600.00 | £1,075,000.00 | £765,000.00 |
| 33 | 49 | 48 | £80,000.00 | (£9,760.00) | £497,586.67 | £1,306,666.67 | £833,000.00 |
| 36 | 54 | 52 | £86,666.67 | (£10,240.00) | £635,680.00 | £1,560,000.00 | £918,000.00 |
Monthly identity
Opening cash + seed and investment capital + operator contributions where applicable + unit payments + disposal proceeds + other income − 99 unit capital allocations − central costs − maintenance − insurance − defaults − tax and VAT flows − investor distributions = closing cash.
CapitalAllocationPolicy, base
- 1 Reserve£50,000.00 floor + 3 months of costs (finding)
- 2 Operating costsCentral, maintenance, insurance, defaults
- 3 Investor distributionsPer instrument, unset
- 4 Capital recyclingRedeployed capital, not profit
- 5 New unitscash available ÷ 99 capital per unit, gated
Organic unit rule
organically_fundable_units = cash_available_for_deployment ÷ 99_capital_per_unit, subject to approved capital-ready operators, minimum reserve, supplier capacity, territory availability, underwriting and asset availability. Sales velocity binds before cash in every scenario after month 12.
Three metrics, never conflated
- Asset-level paybackCum. collections ≥ seed-funded 99 capital
- Company profitabilityRevenue over all costs incl. depreciation and financing
- Investor ROIPer instrument, never shown
Asset register 99 knows where every material asset is
| Unit | Assets | Network · territory | Operator business | Lifecycle | Cost | Book | Charge / month |
|---|---|---|---|---|---|---|---|
| 2160REQUEX_MOBILE_TYRE_UNIT | RXV-0019 · VIN …4471 · 38,400 mi · tracker on | Requex · Bristol | Avon Mobile Tyres Ltd | Active | £35,000.00 | £29,750.00 | £1,666.67 |
| 2161 | RXV-0020 · VIN …9032 · 31,100 mi | Requex · Swindon | Ridgeway Tyres Ltd | Active | £35,000.00 | £29,750.00 | £1,666.67 |
| 2162 | RXV-0021 · VIN …1188 · 22,900 mi | Requex · Bath | Whitfield Tyres Ltd | Active | £35,000.00 | £29,750.00 | £1,666.67 |
| 2163 | RXV-0022 · VIN …5520 · 40,200 mi | Requex · Gloucester | Severn Mobile Tyres Ltd | Active | £35,000.00 | £29,750.00 | £1,666.67 |
| 2164 | RXV-0023 · VIN …7714 · 12,800 mi | Requex · Cheltenham | Cotswold Tyre Co Ltd | Active | £35,000.00 | £29,750.00 | £1,666.67 |
| 2165 | RXV-0024 · VIN …2093 · 24,600 mi | Requex · Taunton | Quantock Tyres Ltd | Active | £35,000.00 | £29,750.00 | £1,666.67 |
| 2166 | RXV-0025 · VIN …6647 · 35,900 mi | Requex · Exeter | Exe Valley Tyres Ltd | Active | £35,000.00 | £29,750.00 | £1,666.67 |
| 2167 | RXV-0026 · VIN …3301 · 18,400 mi · recovered, refurbished | Requex · Plymouth | Replacement operator being placed | Active, network managed | £35,000.00 | £29,750.00 | £1,666.67 continues per agreement |
| 2168 | RXV-0027 · VIN …8825 · 4,100 mi | Requex · Salisbury | Sarum Tyres Ltd | Active | £35,000.00 | £29,750.00 | £1,666.67 |
| 2169 | RXV-0028 · VIN …0459 · at converter | Requex · Yeovil | Yeo Tyres Ltd | Converting | £35,000.00 | £30,000.00 | from commencement |
| 10 units | £350,000.00 | £297,500.00 | £16,666.67 |
Unit 2162 · digital twin
Unit
2162 · REQUEX_MOBILE_TYRE_UNIT
Spec RX-SPEC-1 · deployed 14 Oct 2026
Asset owner · capital
99 Operators
AssetOwnershipSchedule v1 · 99 capital £20,000.00 · operator £15,000.00 · entity TBD (D31)
Network
Requex Mobile Tyres UK
NetworkUnitAgreement NUA-2162 · £20,000.00 a year · 48 months
Operator business
Whitfield Tyres Ltd
Customer contracting party · contributed £15,000.00 toward the unit (character and recipient TBD)
Vehicle
RXV-0021
Ford Transit Custom L2 H1 2022 · VIN …1188 · reg on file · tracker on · Bath
Assets in schedule
Van, conversion, changer, balancer, compressor, tracker
Excluded: consumables, customer tyres, operator personal kit
Charge status
Current
£1,666.67 paid 1 Sep 2026 · arrears £0.00
Residual estimate
£8,000.00 at year 4
ResidualValueModel v1 · illustrative
99 owning the van does not make 99 the owner of Whitfield Tyres Ltd; Requex branding does not make Requex its owner. Customers contract with the operator business.
NetworkUnitAgreement NUA-2162 99 Operators ↔ Requex network entity · final legal form TBD
- Unit · asset schedule2162 · AOS-2162 v1
- Commencement · term14 Oct 2026 · 48 months
- Annual unit charge · monthly£20,000.00 · £1,666.67
- Billing frequency · indexation · graceMonthly in advance · none · 14 days
- Deposit or securityPer contract, TBD
- Maintenance · insuranceNetwork responsibility, modelled
- Permitted use · operator allocation · mileagePer contract
- Downtime · replacement · trackingPer contract
- Recovery · redeployment · early termination99 rights per contract
- End of termRenew · second term · purchase option · return, per contract
- Payment continuity through operator replacementNegotiated; 99 aims for predictable contracted revenue
Unit charge schedule and collections network to 99, never operator to 99
| Period | Charge | Status | Paid | Arrears |
|---|---|---|---|---|
| Oct 2026 (pro rata from 14 Oct) | £967.74 | Paid | 14 Oct 2026 | £0.00 |
| Nov 2026 to Aug 2027 | £1,666.67 × 10 | Paid | 1st of each month | £0.00 |
| Sep 2027 | £1,666.67 | Paid | 1 Sep 2027 | £0.00 |
| Cumulative, 12 months | £19,301.09 | of £35,000.00 deployed · 55.1% | £0.00 | |
Unit funding stack
- Operator contribution toward the unit£15,000.00 · separate ledger entry
- 99 capital deployed£20,000.00
- Productive infrastructure£35,000.00
- Requex recurringSoftware, procurement, payments, marketplace, network fees
- Requex obligation£20,000.00 a year to 99
The £15,000.00 is never treated as equity in the van or as a price reduction; advisers decide what it buys and who receives it.
99's economics on this unit
- Contracted receipts, 4 years£80,000.00
- Against 99 capital of £20,000.00asset-level payback ~12 months gross
- Residual, illustrative£8,000.00
- Share of operator or Requex profit£0.00
UnitUnderwritingDecision · Unit 2170, Truro no unit deploys where the network cannot comfortably service the charge
| Input | Value | Source |
|---|---|---|
| Network · territory | Requex Mobile Tyres UK · Truro (demand score 0.61) | Territory demand model |
| Operator | Approved by Requex · £15,000.00 contribution ready (capital-ready) | Requex · 99 pipeline |
| Unit cost · monthly charge | £35,000.00 · £1,666.67 | Program v1 · cost curve |
| Expected revenue · ramp | £8,000.00 → £20,000.00 a month over 12 months | Scenario, cohort curves |
| Projected coverage (network, unit level) | 2.4× at mature · 1.1× in Launch band | DSCR engine |
| Downside coverage (£11,600.00 a month average) | 1.6× | DSCR engine |
| Local demand · replacement operator availability | 1,040 searches / 90 days · 3 qualified applicants in region | Requex data · 99 pipeline |
| Asset recoverability · expected residual | Tracker, recovery rights per NUA · £8,000.00 at year 4 | Contract · residual model |
| Decision | APPROVED | Recorded with reasons · 3 Sep 2026 |
Coverage, Requex network
- Unit charges owed, month 12£16,666.67
- Requex unit-level economics available to service£45,000.00 modelled
- Network DSCR2.7×
- Minimum coverage, program1.5×
Modelled before any 99 debt exists; the same measure gates institutional finance later.
Outcomes
- APPROVEDDeploy
- CONDITIONALConditions recorded
- DECLINEDReason code
Asset lifecycle assets are not assumed sold at year four
AcquiredConvertingDeployedActiveRedeployedRenewedRefurbishedSecond termDisposed
Unit 2167, Plymouth · operator failure did not destroy the unit
Operator notice, 12 Aug 2026Unit recovered by Requex, 20 AugCleaned and refurbished, £640.00Network-managed interim operationReplacement operator qualified, placingUnit charge continued per NUAAsset churn: 0 · operator churn: 1
ResidualValueModel · RXV-0021 illustrative
| Input | Value |
|---|---|
| Original vehicle cost · conversion · equipment | £15,000.00 · £8,000.00 · £7,000.00 |
| Age · mileage · condition | 4.0 years at term end · est. 96,000 mi · good |
| Market value, vehicle · equipment resale | £6,000.00 · £2,000.00 |
| Expected disposal value at year 4 | £8,000.00 |
| Or: second term at renewal | continued unit charge |
| Economic depreciation over term (cost less residual) | £27,000.00 |
Failure scenarios modelled
- Operator failureRecover, reassign
- Network failure99 recovery rights
- Vehicle failureRepair or replace
- Write-offInsurance claim
- Territory failureRedeploy geographically
- Payment defaultArrears → default → recovery
- 99 failureInvestor and creditor rights per structure
Unit economics, gross never an investor return
Deployed cost
£35,000.00
prototype
Annual unit charge
£20,000.00
£1,666.67 a month
Gross receipts / deployed capital
57.14%
a year, gross
Simple gross recovery
21 months
1.75 years
Four-year gross multiple
2.286×
£80,000.00 on £35,000.00, plus residual
| Year | Receipts | Cumulative | Against £35,000.00 |
|---|---|---|---|
| 1 | £20,000.00 | £20,000.00 | 57.1% |
| 2 (month 21 crossing) | £20,000.00 | £40,000.00 | 114.3% |
| 3 | £20,000.00 | £60,000.00 | 171.4% |
| 4 | £20,000.00 | £80,000.00 | 228.6% plus residual £8,000.00 illustrative |
Gross unit receipts / deployed capital
57.14%
Asset-level revenue relative to cost, before every cost line
99 asset margin
Engine output
Unit payments less cost of capital, depreciation (£27,000.00 over term), maintenance, insurance, downtime, defaults, fleet management, overhead, tax
Investor return
Not shown
Defined only by the instrument; internal scenarios 1.5×, 1.75×, 2.0× total value exist and stay private
Portfolio scale, planning figures 99 units, not forecasts
Capital deployed
£3,465,000.00
99 × £35,000.00
Annual contracted unit revenue
£1,980,000.00
Four-year gross receipts
£7,920,000.00
£4,455,000.00 above capital before costs
Residual, illustrative
£792,000.00
99 × £8,000.00
At £30,000.00 scaled cost
66.67% · 18 months
same charge, lower cost
Fleet-lessor view: deployment cost less residual is economic depreciation; contractual payments against depreciation, cost of capital, maintenance, insurance, downtime, defaults, fleet management, overhead and tax leave 99's economic margin. 99 retains economics for origination, underwriting, fleet management, technology, capital management, procurement, servicing, risk, recovery, portfolio and residual management; investor economics are modelled separately and never promised.
UnitCostCurve · REQUEX_MOBILE_TYRE_UNIT procurement is core to 99's economics
| Stage | Volume | Deployed cost | Gross receipts / capital | Simple gross recovery | Basis |
|---|---|---|---|---|---|
| Prototype | 1 to 10 | £35,000.00 | 57.14% | 21 months | Trade auction, single converter |
| Early fleet | 25 to 50 | £33,000.00 | 60.61% | 20 months | Dealer fleet pricing, converter framework |
| Scaled fleet | 99 to 250 | £30,000.00 | 66.67% | 18 months | Manufacturer call-off, equipment volume pricing |
| Mature | 500 to 1,000 | TBD | Manufacturer agreements, residual guarantees, buyback |
Procurement platform RFQs, bids, tenders, call-offs, orders, warranty, SLA, rebates, buyback
| Requirement | Counterparty | Status |
|---|---|---|
| RFQ-2026-0412 × L2 H1 vans over 6 months, scheduled call-off | 3 manufacturer fleet departments | Bids due 30 Sep 2026 |
| CONV-FW-01Conversion framework, RX-SPEC-1, 25 units | 2 converters | Negotiating |
| EQ-2026-02Changers, balancers, compressors, volume pricing | Equipment manufacturer | Agreed, 8.0% volume discount |
| TEL-01Telematics, 99 units, fleet plan | Telematics provider | Agreed |
Negotiate at scale
- Fleet pricing · volume discountManufacturers
- Warranty · service · roadsideBundled
- Residual guarantees · buyback · remarketingManufacturer finance
- Insurance · maintenance networks · tyre supplyFleet terms
Seed round raised at the 99 structure level; no operator ever fundraises
Round status
FUNDED
Provider campaign RP-SEED-001 · closed 15 Aug 2026
Structure
99 Operators Inc. (proposed)
US securities counsel: Reg D / CF / A undecided · Investment Company Act analysis pending
Raised · cleared
£250,000.00
Via the regulated provider; instrument per US counsel
99 deployed · committed · reserve
£200,000.00 · £20,000.00 · £50,000.00
Unit 2170 committed at underwriting; reserve is working capital, not deployable
Capital deployments pool → unit, every pound attributable
| Unit | Deployment | Paid to | Basis | Amount |
|---|---|---|---|---|
| 2160 to 2168 | 9 units · 99 £20,000.00 each, staged against milestones · operator £15,000.00 each alongside | Requex, deployment provider · some suppliers direct | Sale, agency or staged: accountants decide (D32) | £180,000.00 |
| 2169 | Converting, M7 of 16 | Requex | Staged | £20,000.00 committed · £14,000.00 released |
| 2170 | Underwriting approved · first organic unit if cash allows | £20,000.00 committed | ||
| Seed round | £200,000.00 deployed · £20,000.00 committed · £50,000.00 reserve · recycling begins as receipts accumulate | £250,000.00 | ||
Investor money never touches a 99 or Requex operating account while a raise is open; the regulated provider safeguards it until close and releases it into the approved structure. 99 → Requex £35,000.00 per unit is never assumed to be Requex revenue.
Regulated capital provider
- ProviderNot selected · adapter interface only
- PerformsOnboarding, KYC/AML, categorisation, appropriateness, promotion, subscription, safeguarding, close, refunds, distributions
- 99 storesReferences and statuses only
- ReconciliationScheduled · never silently corrected
Investor wording
"Investments and investor funds are processed through our regulated investment provider." Never "99 holds your investment", "protected", "guaranteed", and never a gross unit figure as a return.
Later capital stack, illustrative only
- Units£30,000,000.00
- Equity£10,000,000.00
- Institutional asset finance£20,000,000.00
Not a target leverage ratio.
Separation brief §41
- AssetOwner99 Operators
- NetworkRequex
- OperatorBusinessWhitfield Tyres Ltd
- BrandRequex Mobile Tyres
- CustomerContractingPartyWhitfield Tyres Ltd
- Customer wording"Independently owned and operated by Whitfield Tyres Ltd, an authorised Requex network operator"
Contracts final legal forms TBD
| Agreement | Parties | Covers | Status |
|---|---|---|---|
| NetworkUnitAgreement | 99 ↔ Requex network entity | Asset schedule, term, unit charge, maintenance, insurance, use, allocation, recovery, redeployment, end of term, purchase option, renewal | UK asset finance counsel |
| NetworkAssetProgram | 99 · per network | Unit type and spec, target and maximum cost, charge, term, minimum coverage, contribution requirement, responsibilities, residual, replacement, default, recovery | Requex v1 modelled |
| Requex Network Licence · Operator Offer | Requex ↔ Operator Ltd | Brand, software, procurement, payments, marketplace, territory, standards, contribution (~£10,000.00), term, renewal | Requex counsel |
| Deployment supply | 99 ↔ Requex (and suppliers) | Whether Requex sells the unit, acts as agent, or is paid in stages; VAT; ownership passing | Accountants, D32 |
| Investor instrument | Investor ↔ 99 structure, via provider | Capital, rights, distribution policy, priority, maturity, redemption, risk, loss allocation, 99 retained economics | US securities counsel |
Legal and tax workstream brief §47 · gates fundraising
- US securities99 Inc structure · Investment Company Act · Reg D / CF / A · instrument · offering · distributions · recycling · disclosure
- UK commercial and asset financeOwnership · NUA form · lease, rental or hire classification · operator relationship · recovery · insurance · registration · use · repossession · credit implications
- UK tax and VAT£35,000.00 deployment · £20,000.00 charge · £10,000.00 contribution · capital allowances · cross-border 99/Requex · transfer pricing · import · disposal · residual sales
Never hard-coded: £35,000.00, £30,000.00, £20,000.00, £1,666.67, the four-year term, £8,000.00 residual, 99 units, £10,000.00 contribution, responsibilities, ownership per asset type, investor return, leverage, payment frequency. All configurable by network, unit type, market, jurisdiction, contract, cohort, asset class, date and version.