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July 9, 2010updated 12 Apr 2017 4:21pm

Lloyds TSB Commercial Finance in £4.5m deal with UK haulier

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 strategy.

By Antonio Fabrizio

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 strategy.

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 growth.

“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”.

Antonio Fabrizio

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