Haulier set to deliver on growth after multi-million funding deal
A West Midlands haulier has purchased its main operating site after a £3m funding deal.
Worcestershire-based White Logistics completed the acquisition of its depot in Pershore following a commercial mortgage deal from HSBC.
The company had previously moved into the site to consolidate its growing operations.
White Logistics is run by brothers Tom and Will Stracey, supported by finance director Giuseppe Carmine, after they acquired the business from Judith Stracey earlier this year with the intention of investing in the business to facilitate further growth.
The move into the newly-acquired premises has provided the business with a 50% increase in storage space so it can satisfy customer demands and improve operational efficiencies.
The company has also obtained planning permission to further develop an adjoining site to create a bespoke logistics and warehousing hub. The new facility will provide for further expansion, with the intention of doubling in size over the coming years.
The HSBC funding also included a £2m Asset Finance facility for the acquisition of additional trucks, which has in turn led to further investment in new staff, many of them drivers. This has improved the firm’s ability to bid for larger contracts.
The business has already purchased ten new trucks and seven trailers in 2017 and plans to continue adding to its fleet each year. In addition, the company has acquired some smaller vans as part of an investment in the Whites Van Academy, which trains drivers up to HGV level.
Tom Stracey, managing director at White Logistics said: “Our business has seen exponential growth over the past four years, which has meant we quickly outgrew our former premises. HSBC’s support has enabled us to acquire our new facility which can provide a basis upon which future growth can be accommodated.”
David Ramsden, Head of Corporate Banking for North and South West Midlands Corporate Banking at HSBC said: “We’re delighted to have been able to support White Logistics in this next phase of growth and to support another British business based in the Midlands.”
HSBC Relationship Director, Jack Turner, arranged the funding for White Logistics.
