We were approached by an existing UTB customer looking for a re-finance facility. The funding was to be used for their continued investment in warehousing facilities at their various sites around the country and upgrading was key to their ongoing improvement and expansion plans, enabling them to win new contracts as well as improve service to their existing customer base.
The company has been trading for many years in the haulage industry and with the challenging trading conditions being experienced in this sector they felt that external funding would be a better option than approaching their bankers. Several unencumbered tractor units of various ages were offered as security and a facility of £200,000 was quickly agreed.
Our valued broker was instrumental in the documenting of this deal and his input was invaluable as all of the vehicles had to be inspected within a short timescale to meet the customer’s requirements.