Investment boost for entrepreneur’s logistics business

An entrepreneur has transformed an idea into a multi-million pound business venture after securing backing from NPIF – BEF & FFE Microfinance, which is managed by Finance for Enterprise and Business Enterprise Fund and is part of the Northern Powerhouse Investment Fund.

Dean Morris launched Grimsby-based logistics company Motrans in 2016, when the former electronics engineer found himself unable to work after experiencing a serious injury.

He turned to the logistics industry for inspiration after noticing the significant investment being made by into North East Lincolnshire’s transport infrastructure.

He drew on his experience as a student, when he drove lorries in his spare time to earn extra money. After teaming up with a transport manager, his business began to take shape.

Within a matter of months, Morris had built up a fleet of ten lorries, and was outgrowing the site he had earmarked for his business. He turned to alternative lending provider Finance For Enterprise to secure the vital funds needed to continue to expand further.

He was able to secure a £25,000 business loan from the Northern Powerhouse Investment fund which he used to invest in his fleet business.

Today, Morris’s workforce has grown from two members of staff to more than 28 employees. The funds provided by Finance For Enterprise have enabled him to invest in 14 additional trucks and a vehicle transporter, as well as renovating the new, larger premises his business needed to continue to grow.

Morris said: “I set my sights on achieving a seven-figure turnover for the business, which would enable me to continue to invest in building the fleet, securing new orders and creating new jobs in the local economy.

“Although I’d worked as a haulier during my student days, I was keen to engage with someone who knew the industry well.

“The business started well, but I knew that to grow the company I needed to build my own fleet of vehicles, as well as securing the premises which would provide the space to house them when they were not on the road and to achieve this finance would be required.

“I was a relatively new business owner, with a limited track record, but Finance For Enterprise saw the potential in my idea, enabling me to concentrate on growing my business.”

Jane Cusse, investment manager, Finance for Enterprise, said: “Since working with Dean, the company has grown substantially. The funds provided have enabled Dean to secure fifteen new vehicles which has opened up a brand new market for this business.

“Motrans has already achieved a seven-figure turnover, despite trading for little over three years and Dean is showing no signs of resting on his laurels just yet.

“Many new business owners are often left stunned when their request for funding is rejected by traditional high street banks. Finance For Enterprise was created to help businesses to secure the vital investments needed to grow, evolve and succeed. This approach not only helps to create new jobs, but ultimately contributes towards building a stronger local and regional economy.”

Mark Wilcokson, senior manager at the British Business Bank, said: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to employ new staff and acquire new facilities. We are pleased that NPIF is continuing to unlock the North’s growth potential by supporting growing businesses with vital investment.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.