One of Europe’s leading haulage companies has secured a £4.5m asset-based finance facility from Lloyds TSB Commercial Finance to execute its expansion strategy.
Currie European Transport provides logistics, transport and warehousing services throughout the UK and across Europe to customers operating across a range of industries such as food and drink, paper and packaging, retail, manufacturing, industrial, building and electronics.
The business is headquartered in Dumfries, south west Scotland and has a depot in Coatbridge, a site in Warrington and sister operations in the Netherlands and France. It employs over 200 people and has a forecasted turnover this year of £33m.
Established in 1977, Currie European Transport has a long-standing relationship with Lloyds TSB Commercial Finance, using its hire purchase and leasing agreements to fund its fleet of 100 trucks and 475 trailers.
The firm has also been using asset-based finance for a number of years and when it decided to switch from its previous provider, it approached Lloyds TSB for help with providing an integrated funding solution.
Lloyds TSB Commercial Finance devised a £4.5m asset-based finance line split between sterling and euro to cater for the firm’s overseas customers. The funding package releases the significant value of the company’s two sales ledgers and provides additional working capital to allow the group to execute its expansion strategy.
In order to protect itself against the risk of bad debts from its European customers, the company also took out Lloyds TSB Commercial Finance’s debtor protection policy
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