Lloyds TSB Commercial Finance has arranged major factoring facilities for two UK companies.
KJM, a Leeds-based specialist courier firm, received a £150,000 facility to help it relocate to a larger warehouse as demand for its services increases.
Advisor J.G. Associates introduced the company to Lloyds, which then provided the facility, leveraging the company’s sales ledger in a bid to boost cash flow. KJM will now move into a 9,000-square foot warehouse in Leeds and will also open new premises in Manchester.
In the long term, the company is planning to open branches in London and the Midlands.
Related
Peter Bould, regional manager at Lloyds TSB Commercial Finance, said: “The factoring facility is ideal for firms looking to expand as they grow in line with sales and as a result, KJM is in a strong position to implement its development strategy, which could create a minimum of 10 further jobs across the country.”
Souvenir maker Tosh, based in East Sussex, also received a five-figure factoring facility from Lloyds, but did not disclose the total amount.
It is planning to use the facility to help it reach a turnover of £300,000 this year, an increase of 40%.
David McLagan, creative director of Tosh, said: “The factoring facility from Lloyds TSB Commercial Finance has now put us in a position to increase production and put in motion our strategy, to capitalise on the increase in tourism generated by London 2012.”
