A Midlands haulage firm has invested in a new fleet of vehicles after securing a six-figure finance package from Lloyds Bank.
Tamworth-headquartered Lloyds Transport and Warehousing has used the £526,000 hire purchase facility to buy 20 new trailers, meaning the business now operates a 120-strong fleet.
The new vehicles will significantly increase the firm's capabilities to transport large quantities of goods.
Nicola Gallagher, finance director at Lloyds Transport and Warehousing, said: "The pandemic accelerated consumer demand in some of our core customer industries like food and drink and pet products, and this has had a positive knock-on to demand for our haulage services.
"As we continue to grow, it's important that we continue to upgrade and expand our fleet and this investment marks the latest phase in this commitment."
Established in 2005, Lloyds Transport and Warehousing specialises in the transportation of a wide range of products across the UK. Its customer base includes some of the UK's biggest names in the food and drink, pet products and white goods industries.
The company employs 116 people and operates from an 85,000 sq ft warehouse on Relay Park in Tamworth.
The latest funding follows a £900,000 CBILS loan from Lloyds during the coronavirus outbreak.
Vijay Chouhan, relationship manager at Lloyds Bank Commercial Banking, said: "There has been a surge in demand for reliable UK-wide haulage services recently, meaning businesses like Lloyds Transport and Warehousing are thriving. This expansion to its vehicle fleet gives the firm much-needed additional capacity to help manage this upshift as more businesses look for fast and efficient transportation services."
Julie Cranmer, associate director of asset finance at Lloyds Bank, added: "It is so encouraging to see Lloyds Transport and Warehousing embracing the next step in its growth journey and we hope that the new fleet of vehicles will help to support the continued delivery of the firm's fantastic service.
"We will continue to be by the side of the business as it looks to build out its expansion ambitions in the future, as part of our commitment to help Britain prosper."
