Distribution firm strikes £1.4m invoice financing agreement
TT Express, the Oldham-based warehouse and distribution firm, has agreed an invoice finance facility of £1.4m and an additional asset finance facility of £260,000 from Aldermore.
The deal will help TTX expand operations to meet demand at its current facility near Manchester and assist in the opening of a new branch in the Midlands.
TTX is further looking expand by the way of organic growth and acquisitions.
The business, which employs more than 90 people, specialises in providing its clients with transport and distribution services including warehousing and delivery throughout the UK.
With upwards of 30 years’ experience, TTX has an established reputation of prominence in the North West. Notably, the firm has its own dedicated onsite workshop, which allows for tight control over vehicle safety and serviceability.
With this finance facility, TTX will continue its growth and development, and the additional support will allow the business to purchase additional vehicles and recruit additional staff.
Managing director Dave Taylor said: “All businesses have to consider their cash flow, and this funding from Aldermore will allow us to close that gap. We are really excited about our plans to expand, and look forward to being able to deliver great service to more customers and regions in the future.
“When TTX was looking for a finance provider, Aldermore stood out as having a good reputation within the industry.
“From our initial meeting it was clear that Aldermore was interested in fully understanding TTX rather than simply lending us the funds which was refreshing.
“The service we have had from them has been fantastic and we have built a great relationship with our new partners.”
Aldermore regional sales manager, invoice finance Carl Finlayson sad: “TTX is a well-established business with a strong track record of success. They have a blue chip customer base and were looking for a flexible finance facility to help expand this.
“With the new finance facility in place, TTX is able to grow and expand its fleet, and will be well-placed to continue as the haulier of choice for the North West while at the same time making inroads into the Midlands market.”
