A Devon-headquartered transport company has secured a multimillion-pound package of funding to support its business growth plans.
Gregory Group, one of the UK’s largest logistics and distribution businesses, is headquartered in Cullompton but operates a network of hubs across the country. The group employs more than 3,000 staff at over 40 sites and its fleet includes 1,000 vehicles and 1,900 trailers, of which over 300 are temperature controlled.
The family-owned firm, which was founded more than 100 years ago, is planning to use the cash injection to acquire extra properties, increase working capital and invest in new Euro VI compliant vehicles and hydrogenated vegetable oil (HVO), it said.
Chris Corfield, group financial director at Gregory Group, said: “This additional funding means we’ll be able to invest in various areas of the business and continue providing our customers with the highest quality service – handling, storing and distributing products in the most efficient and effective manner possible.”
He added: "Our relationship director Paul Lane and the team at HSBC UK have been exemplary in working collaboratively with us to put together a flexible and tailored finance package, meeting all our business requirements."
James Shepherd, head of corporate banking for the South West at HSBC UK, said: “We’re delighted that our financial support has helped Gregory Group in its growth journey. We will work closely with the team to ensure the needs of the company are understood and we look forward to seeing the continued growth of the business.”
Tom Caplen at law firm Womble Bond Dickinson advised HSBC UK.
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