Lloyds TSB funds auto supplier with £10m
LLOYDS TSB Corporate Markets in Birmingham has provided £10m of funding to a leading car components supplier to enable the business to grow.
Lloyds TSB Corporate, part of Lloyds Banking Group, said it was pleased to be supporting First Line Limited as it had bucked the trend of decline in the automotive sector.
The company, based in Bicester, Oxfordshire, supplies original equipment automotive components. It has benefited from cash-strapped motorists looking to maintain their existing vehicles rather than trade up to a new one.
The deal, led by Birmingham banker Darren Baker, involves a trade finance facility which will provide the company with the flexibility needed to continue its success.
Mr Baker, relationship director for Lloyds Banking Group in the West Midlands, said: “First Line is a highly rated business, with a well balanced and extremely experienced team behind the wheel – exactly what we’re looking for when arranging funding.
“By taking the time to understand the customer’s business, we’ve designed a bespoke facility to perfectly match First Line’s funding needs and fully support this fast growing business.”
First Line has more than 25 years experience in the UK after-market. Its portfolio of products includes brake pads and shoes, discs and drums, brake hoses, wheel cylinders, steering and suspension components, wheel bearings, cables, mounting, clutch components, fuel pumps, glow plugs and more.
Keith Schofield, First Line’s financial director, added: “We’ve been really impressed by Lloyds TSB’s interest in and commitment to helping us develop our business. The bank has provided us with a large and flexible facility that will help us to take the company to the next stage.”
Lloyds TSB Corporate Markets provides financial banking and advisory services to businesses and organisations with a turnover of £15m and above.
In addition to core banking, specialist products and services include asset-based lending, structured finance, acquisition finance, capital markets, international trade finance and risk management on interest rates, inflation, foreign exchange and commodities.
