A HAULAGE specialist that counts Wembley Stadium among its customers expects to double its turnover next year with the help of a new funding arrangement.
And, as a partner business of a firm founded by Dragons’ Den judge Hilary Devey, it has its sights set firmly on growth.
McGregors Logistics, established by Keith Law in 2004, recently secured a £500,000 facility from Lloyds TSB Commercial Finance and now hopes to increase turnover to £10m from £5.4m.
Specialising in general haulage and the transport of fruit and vegetables to wholesalers nationwide, the business now has a fleet of 60 vehicles and trailers, which collects and delivers around 5,000 pallets every week.
McGregors employs 35 people and regularly delivers turf to national stadiums. In 2011, it moved to a new warehouse and added storage to its range of services.
To capitalise on the upturn in custom and enable the business to reach its target turnover of £10 million, it approached Lloyds TSB Commercial Finance which provided it with a £500,000 facility based on its issued invoices. This ensures it can invest in growth turnover without cutting into its day-to-day cashflow.
Graham Hamilton, sales director at McGregors Logistics, said: “From a small family business, McGregors has continued to grow by capitalising on targeted opportunities and ensuring customer service is always to the highest standard.
“The funding from Lloyds TSB Commercial Finance has provided much-needed liquidity to ensure we are in a robust position to expand, whilst still having sufficient day-to-day capital to service our feet regularly and pay overheads.”
Peter Bould, regional manager at Lloyds TSB Commercial Finance, said:
“Transport and haulage businesses require strong day-to-day cashflow to ensure rising fuels costs can be met. We worked closely with the team to put in place funding which will release liquidity to invest in growth.
“This makes the finance more dynamic than a traditional loan, as its direct link to cashflow means it can grow in-line with sales.”