Scottish haulage company Currie European
Transport has secured a £4.5m (€5.4m) asset based finance facility
from Lloyds TSB Commercial Finance as part of its expansion
The new asset based finance line will be split
between sterling and euro to cater for the Dumfries-based firm’s
overseas customers. Currie is also using Lloyd’s TSB Commercial
Finance’s debt protection policy to protect itself against the risk
of bad debts from customers.
Currie’s MD Stephen Turner commented: “The
funding from Lloyds TSB Commercial Finance unlocks the balance
sheet and releases working capital at a rate to suit our
“By also using debtor protection, we now have
an additional layer of security on our income. We are in a strong
position for the future and confident that the bank will continue
to support our future growth plans,” Turner added.
Currie European Transport has been using
Lloyds TSB Commercial Finance for a number of years, using its hire
purchase and leasing agreements to fund a fleet of some 100 trucks
and 475 trailers.
Alan MacRae, business development director at
Lloyds TSB Commercial Finance, said that the funder has worked with
Currie “to structure a package that suited the firm’s needs and is
able to grow at a rate to suit its expansion plans”.