Transport firm secures multimillion-pound funding as it looks to expand business
One of the largest transport and logistics firms in the South West has secured a multi-million finance package at it looks to expand.
Devon-based Gregory Group has secured the finance package from HSBC to support its business growth plans and increase working capital.
The family-owned business headquartered in Cullompton will use the finance package to support its overall long-term growth.
This will include acquiring additional properties, increasing working capital and investing in new Euro VI compliant vehicles and hydrogenated vegetable oil.
Chris Corfield, group financial director at Gregory Group, said: “We made the decision to switch banks to HSBC as we look ahead to the future of our company and how we can best continue to grow.
“Our relationship director Paul Lane and the team at HSBC have been exemplary in working collaboratively with us to put together a flexible and tailored finance package, meeting all our business requirements.
“This additional funding means we’ll be able to invest in various areas of the business and continue providing our customers with the highest quality service – handling, storing and distributing products in the most efficient and effective manner possible.”
James Shepherd, head of corporate banking, South West at HSBC, added: “We are delighted that our financial support has helped Gregory Group in its growth journey.
“We will work closely with the team to ensure the needs of the company are understood and we look forward to seeing the continued growth of the business.”
Gregory Group was established in 1919 and operates 1,000 vehicles and 1,900 trailers. The group employs over 3,000 employees at over 40 sites across the UK.
Tom Caplen at law firm Womble Bond Dickinson advised HSBC UK.