Logistics firm secures £12.5m for new division

LIVERPOOL-based Abbey Logistics Group has secured  £12.5m of bank funding to support the business’ growth strategy.

The company has recruited 25 new employees at various levels to manage its new 140,000 sq ft warehouse operation in Bromborough.

The logistics provider, which has received a combination of invoice and asset finance facilities, as well as a cash loan, from HSBC, also expects to grow its fleet and business divisions in the near future.

In addition to growing at home, it intends to venture into new European markets and within the next two years, the company is planning to trade in Belgium, France and Holland.

Established in 1990, Abbey Logistics provides a wide range of bulk tankers, freight, and warehousing facilities across the UK and Europe. With a turnover of £45m, the firm currently operates a fleet of 275 vehicles and 430 trailers.

By 2020, the company aims to increase its turnover to £70m.

Steve Granite, managing director, Abbey Logistics, said: “It was critical to the long-term sustainability and success of the business that our expansion plans were secured. HSBC’s appetite to support our growth ambitions, as well as their competitive pricing and service, has given us the  financial foundations to continue to build our businesses.”

Tony Fulton, HSBC’s area director in Liverpool and Cheshire for Mid-Market Enterprise, said: “The finance package was carefully devised bearing the firm’s commercial objectives in mind and will play an important role in Abbey Logistics’ development, as well as the opportunities it has to expand into overseas markets.”

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