£150k deal for ABN Amro
subsidiary
Asset-based lender Venture Finance has
provided a £150,000 (€167,000) factoring facility to Progressive
Die Components (PDC), which will help the manufacturer develop its
press tooling business. PDC, which was introduced to Venture
Finance through asset finance broker F&B Associates, approached
the ABN AMRO-owned financier after several other bank-owned lessors
refused to lend to it.
Go deeper with GlobalData
“We want to grow as quickly as possible
and the factoring facility is going to allow us to do just that,”
said Gerry D’Ambrosio, a director at PDC.
Cargobull Finance wins
100-trailer deal
Schmitz Cargobull has won an order from
Kent-based haulier MJD Services for 20 new Freepost curtain side
trailers.
Finance for MJD’s new fleet is being
provided by Cargobull Finance, a joint venture between Schmitz
Cargobull and Dutch lessor De Lage Landen. MJD currently has around
100 trailers, and is to replace the entire fleet with Schmitz
Cargobull Freeposts over the next three years, all financed by
Cargobull Finance.
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By GlobalDataKögel wins Norwegian post
deal
The Norwegian postal service has signed
a full-service leasing contract for 907 new semi-trailers, bodies
and trailers from Kögel, the German manufacturer. The three-year
contract was signed for an undisclosed sum with Ekeri, Kögel’s
Nordic importer and service partner.
The trailers are to be used for the
postal service’s two logistics divisions, Bring Logistics and Bring
Frigoscandia.
Good month at GE
Capital
GE Capital has signed an agreement with
Jaguar Land Rover to provide a working capital facility of up to
£170 million (€191 million).
The facility, available for a five-year
term, will finance finished vehicle stocks between the points of
production and onward sale to dealers on a revolving basis.
“This is the first time we are aware of
in Europe, that a facility has been created to leverage this part
of the distribution cycle,” said Rich Laxer, EMEA president and
CEO, GE Capital.
Separately, GE Capital has committed
itself to providing €50 million of funding to the German motor home
and caravan industry.
The lessor has recently won a series of
distribution finance partnerships with motor home and caravan
manufacturers in Germany and aims to provide the funding before the
end of December.
“This is just the beginning,” said
Petri Pennamen, the commercial leader for GE Capital Commercial
Distribution Finance in Germany.
“We are already in discussions with
several of the other leading brands in the German caravan and motor
home market and anticipate that these will lead to much higher
volumes for the full year in 2010.”
Home Delivery Network selects
MAN
Logistics firm Home Delivery Network
(HDNL) has ordered 158 MAN trucks.
The trucks, which come as fleet replacements, are on four and
five-year repair and maintenance deals, and will include MAN Fleet
Management, the truck maker’s online Vosa and ‘O’ license
compliance tool.
The fleet being delivered includes 84
TGL trucks with Cartwright demount bodies, 13 TGM drawbars and
tandem axle trailers also with Cartwright demount bodies, and 61
TFL trucks with box bodies and tail-lifts by Bevans.
