Vehicle logistics firm expands after funding deal
A Birmingham commercial vehicle firm has undergone expansion following a new funding deal.
DMN Logistics has purchased five trailers to add to its fleet and expanded its workforce by a third with the help of a working capital facility from Lloyds Bank Commercial Banking.
The company provides vehicle collection and delivery services, fleet reallocation and covered vehicle delivery of individual standard and electric vehicles for clients across the country including Mercedes and BT Fleet.
The firm has seen a growth in its business in direct correlation to the increase in the UK car market.
To meet the market demand for its services, the firm turned to the bank for help. The working capital facility has enabled the firm to buy five new Ford Ranger pick-up trucks and five Brian James Trailers, which are modern single-car delivery vehicles.
The additions to the fleet have created eight new jobs, bringing the firm’s headcount to 35. Annual turnover is also set to increase by 11% from £4.7m to £5.2m this year as the firm takes on work from new customers.
Nicholas Chadaway, managing director at DMN Logistics, said: “The new delivery vehicles we have purchased are higher-spec and will allow us to diversify the kind of cars we transport and the way we deliver cars to our customers.
“We wouldn’t have been able to drive investment in our fleet without the support from Lloyds Bank, and we are now in a good position to grow our business and continue to create jobs.”
Jason Nash, relationship manager at Lloyds Bank Commercial Banking, said: “DMN Logistics has worked hard to build a good reputation in what is a competitive industry. It has been successful in working with big brands like BT Fleet and Manheim.
“The new vehicles will allow the business to build on these foundations and deliver long-term, sustainable growth.
“The funding package means that the daily cash flow won’t be affected by the fleet expansion, as the business takes the steps to achieve its goals.”
