Asset based lending enables haulage firm to expand

Haulage, transport and logistics - trucks

Industry: Haulage

Product: Asset based lending

Facility size: €1.200,000

Since being established over 60 years ago, this ambitious business had diversified several times to incorporate a range of services including liquid haulage, tank hire and repair. The company held a strong reputation and was seeing a steady upward trajectory, so the owners decided to expand further.

The expansion would include a relocation, purchase of new machinery and general investment in other areas. While day-to-day costs could be self-funded, additional capital was needed to facilitate change.

The haulage company met with Close Brothers to discuss their options. After considering both the immediate needs and long-term goals, our finance specialist explained that asset based lending (ABL) could provide an effective way of meeting requirements by combining invoice finance with refinancing of other resources, such as vehicles and machinery.

Close Brothers provided a bespoke solution, looking at balance sheets and taking available assets into account to enable a higher level of funding to be reached. By blending invoice discounting with a Liquidity Plus cash flow loan and releasing funds secured against owned machinery, the business was able to secure the working capital they needed to achieve their growth ambitions. 

Through working closely with the client and taking time to understand business objectives, Close Brothers were able to provide an effective outcome, allowing this well-established company to thrive.

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