Secure Trust Bank Commercial Finance backs transport tech firm with £4m facility

Manchester-based Secure Trust Bank Commercial Finance has backed intelligent transport systems firm Trueform with a multi-million pound asset-based lending facility.

Trueform, which provides systems for Transport for Greater Manchester (TfGM) and Transport for London (TfL), plans to use the £4m boost to refinance its existing bank facilities and bring its growth plans to fruition.

Founded in 1977, the London-headquartered business installs and maintains passenger transport hardware, information and communication tech.

Having achieved sales of more than £25m over the last year, the firm employs over 200 people across six UK sites, with overseas operations in New York, Chicago, Amsterdam, Abu Dhabi and Bahrain.

The deal with Secure Trust Bank follows Trueform’s 2012 management buyout by GIL Investments Limited, a £300m-turnover private investment company.

The national sales director at Secure Trust Bank Commercial Finance, Sean Powell, said: “Trueform’s forward-thinking approach to passenger safety and information has led the business to grow rapidly in recent years, securing high profile contracts with the likes of TfL and TfGM.

“In partnership with GIL Investments, the business has been able to diversify into new markets, as well as develop its innovative range of counterterrorism developments.”

He continued: “We are delighted to be supporting one of GIL’s investments, and our insight and understanding of the business together with our flexible approach has enabled us to provide a completely unique and tailored solution for Trueform in a short space of time.

“We are confident that with the ongoing support of both ourselves and GIL, the business can continue to push the boundaries in terms of product design and innovation.”

Discussing the deal, GIL investment director Richard Banham said his team was impressed with Secure Trust Bank’s “tailored solution”.

He commented: “The team applied a flexible approach to structure the deal around the requirements of the business, made all the more impressive by the turnaround time it was achieved in.

“I look forward to working alongside the team as we look to accelerate Trueform’s growth, as well as on deals in the future.”

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