PPS secures bank group funding to facilitate growth

RETURNABLE transit equipment firm PPS Midlands is targeting 20% growth after securing working capital facilities from RBS, NatWest and Lombard.

Terms have not been disclosed.

PPS – whose business centres on renting, washing and managing returnable transit equipment such as plastic pallets, crates, containers and pallet boxes – is also planning a move to larger premises in Marchington, Staffordshire, from its existing Midlands base in Measham, Leicestershire.

The firm has a wide variety of clients including operators in the food, retail, automotive and electronics sectors throughout the UK and Europe.

PPS operate from two plants in the Midlands and Grimsby. Plans are in place to relocate the Midlands site to a 76,000 sq ft site in Marchington and to create another 15 jobs.

RBS, NatWest and Lombard have structured a financial package which includes working capital and loan facilities to assist the firm’s continued expansion plans.

David Peggie, managing director at PPS, said: “We have had 20% year on year growth in the last three years which we are targeting to exceed in 2014.

To facilitate this growth we have worked with RBS, NatWest and Lombard who have been extremely helpful and have come together to give us a complete package.

“We are looking forward to our impending move to new premises because we have outgrown our current facilities in Measham. It is a very exciting time for PPS.”

Ken Feast, business development manager at RBS, said: “We are really pleased with PPS’ continued growth and are working together to support their current expansion strategy.

“They operate in a niche sector and boast a highly experienced management team. The move to new premises will accommodate their plans to drive the business forward and exceed their previous growth results and bring new jobs to the local area.”