Pall-Ex secures £4m asset finance package to expand fleet

Pall-Ex has added 66 trucks to its fleet thanks to a long-standing relationship with Metro Bank.

The Leicestershire-headquartered logistics giant, which owns two palletised freight distribution networks, began working the bank four years ago.

Initially providing an invoice facility, Metro Bank has since provided the freight firm with asset finance, fleet funding and working capital facilities.

Now, the bank’s commercial banking director Doug Howell has negotiated a deal with Ryder, an operating lease supplier exiting the UK market, to secure over £4m of finance at near 100% loan to value on the trucks.

The transaction represents one of Metro Bank’s largest ever asset finance deals.

Kevin Craven, director of invoice finance at Metro Bank, said: “We have taken the time to understand the needs of the Pall-Ex Group as they have grown into a successful international business.”

Kevin Buchanan, CEO of Pall-Ex Group, said: “When this opportunity to expand came along, it was great to be able to work with a trusted partner who could work quickly to help us capitalise on the opportunity whilst minimising the risk.

“We appreciate the continued support and partnership we share with Metro Bank as we strive to grow and develop our UK and international networks.”

Graham Scott-Barnes, Metro Bank’s business development director for asset finance, added: “The speed at which asset finance deals can be put into place is appealing to our customers when sudden opportunties strike and they need to act quickly to capitalise on the benefits to their business. We are delighted to have helped Pall-Ex Group on its growth journey.”