Zen finds inner peace with new bank

AN office supplies firm based in Chadderton, near Oldham, is set for expansion after agreeing a new funding deal with Lloyds TSB Commercial Finance.

Zen Office Supplies, which was founded 30 years ago, achieved a turnover of £4.9m last year but said it is now on track to generate sales of £6.5m after agreeing a £2.3m funding deal with Lloyds.

Managing director Les Kerr said the company, which employs 50 people, switched to Lloyds TSB Commercial Finance after a 20 year relationship with its previous bank.

Its new deal includes a commercial mortgage and a new invoice discounting facility.

Mr Kerr said: “Like many businesses, we were hit by the recession as our customers cut back their spend on office supplies. But rather than just sit back and try to survive, we looked to actively grow the business instead.

“We did this by going out to secure new customers and orders, with the result that we have managed to grow our turnover by over 30 per cent over the last few years.

“This is set to continue following our switch to Lloyds TSB Commercial, which has made a real effort to fully understand our business in a short space of time, and provided funding which allows us flexibility and the opportunity to grow our business even further.”

Phil Simpson, relationship manager for Lloyds TSB Commercial, said: “Les and his team have managed to put together a thorough business plan and well thought out expansion strategy which has seen impressive turnover growth even through the recession.

“We understand how daunting switching banking providers can be, so we aim to make the process as simple as possible from start to finish.”