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Lloyds helps Currie expand

15th July 2010, Page 10
15th July 2010
Page 10
Page 10, 15th July 2010 — Lloyds helps Currie expand
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SCOTTISH HAULIER Currie European Transport has secured £4.5m of funding to aid its expansion plans and boost turnover.

The Heathhall, Dumfries, firm has secured the asset-based finance facility from Lloyds TSB Commercial Finance. It has used part of the money to increase headcount at its Warrington, Cheshire, depot, as well as boost the North-West fleet size by 30 trucks. As a result, the firm has won new contracts totalling £4m in the region.

MD Stephen Turner says: "Because of the downturn in manufacturing in Scotland, we realised we had to migrate expansion plans to the North-West, and this allows us to service the South more efficiently, There is new business in the pipeline that we expect to add another Elm to revenue."

The firm has worked with the Royal Bank of Scotland since it started in 1977. but "Lloyds had an interesting package to cater tor expansion plans", explains Turner.

Alan MacRae, business development director at the bank, says it is working with Currie to structure a package that suits the firm's needs and enables it to expand at a planned rate.

Turner concludes: "The funding unlocks the balance sheet and releases working capital at a rate to suit our growth. By also using debtor protection, we 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."

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