Tusker, the salary sacrifice fleet operator, has secured a funding line from Barclays which made the bank ‘integral’ to the company’s future.
Although the company could not provide details beyond the funds being in the ‘multi-million pound’ range, the deal includes asset finance facilities to expand the fleet at Tusker and the moving of the company’s transactional banking arrangements to the high street banking group.
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David Brockwell, chief financial officer at Tusker, said he was "delighted" Barclays had recognised the business opportunity with the company and joined its panel of funders.
Brockwell added Barclays was "an integral part of our future", particularly the bank’s "thorough understanding" of the Tusker product, which includes the SalarySacrifice4Cars (SS4C) scheme.
Gareth Farbon, Relationship Director at Barclays, added: "Tusker is an excellent business that has carved a niche for itself in the vehicle leasing market with its innovative salary sacrifice product, SS4C. Our facility will allow Tusker to expand their vehicle fleet, which is key to them fulfilling their ambitious growth plans."
richard.brown@timetric.com
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