Transport firm accelerates growth plans with £600k invoice finance package
Time Finance has backed Lancaster-based Kidds Transport with a £600,000 funding boost putting its ambitious growth plans into gear.
The family-owned firm was incorporated more than 65 years ago from its Lancashire-base where it first offered its services to local farmers wanting to transport cattle and hay bales.
Over time, the business grew and began to work with a larger and more diverse customer base including food manufacturers and pharmaceutical firms.
With a large fleet of vehicles and a highly skilled workforce at the wheel, Kidds Transport now drives on average 42,000 miles per week and delivers 1,400 pallets a day.
During the peak of the pandemic, Kidds Transport found itself busier than ever. To keep up with the increased demand for delivery services from its growing client base, the company turned to funder Time Finance for support.
Invoice finance was the solution, providing a £400,000 funding boost to support day-to-day cashflow requirements and an additional £200,000 XTRA Time overpayment to offer further headroom for growth and to fuel necessary investments, such as new personnel and expanding the fleet.
Simon Park, director at Kidds Transport, said: “We’re so pleased to be working with Time Finance. The funding support we’ve received has been fantastic. Not only has it provided an immediate cash injection but it has also enabled us to focus our efforts on further expanding our customer base and bringing more great talent into our firm, ultimately accelerating our growth.
“With the backing of a supportive funder like Time Finance behind us, it’s an exciting time for our team and we look forward to the future and where we’ll take the business next.”
Invoice finance releases funds otherwise tied up in unpaid invoices, meaning businesses are no longer held back by a lack of cashflow. With facilities ranging between £10,000 and £2.5m, invoice finance can help businesses of all sizes.
Rob Walters, business development manager at Time Finance, said: “Packaging a facility that would be flexible enough to grow alongside the business and offer the necessary headroom for investment was essential.
“Kidds Transport is a brilliant business and one we’re delighted to work with. We look forward to continuing to support them over the years to come and helping to bring their plans to life.”