Member Article

CBIL provides fast-moving funding solution for haulage business

Reach Commercial Finance has used one of the government-backed coronavirus lending schemes to help fund a key move into a new home for an ambitious haulage firm based in Corby, Northants, completing the job in less than six working days.

Route Logistics is a specialist in the management of palletised distribution providing a national service to a variety of business sectors – with over 15 years’ experience - and is a long-term client of the funding brokerage experts at Reach.

It boasts a modern transport fleet and all its vehicles are Euro 6 compliant, which makes it one of the most fuel efficient, environmentally-friendly distribution services available. The firm is passionate about delivering sustainable logistic solutions.

This year it planned to relocate its operations to a new purpose-built HQ based in Rothwell – located within the ‘Logistics Golden Triangle’ in Northamptonshire - which gives access to over 80% of the UK population within four hours. To facilitate the move Route Logistics required a six-figure funding solution, but a major relocation during the Covid crisis presented a few challenges, as Managing Director Amanda Wells explained.

“We knew this relocation was going to be crucial to the long term future of our business and while we were prepared to tap into our company reserves for a significant chunk of what we required for this exciting relocation, funding the whole amount ourselves would have added more concern in these uncertain times when cashflow is key.

“So we considered the option of funding via our bank but this seemed a lengthy process and we didn’t have time on our side. Work had already started on the new site, which was being designed exclusively for the business, and we had deadlines to meet, so we turned to Phil Trueman at Reach, who had helped us in the past to help again.”

Reach Commercial Finance has developed a specialist expertise in the haulage sector and a proven track record in securing loans for clients operating within it. They quickly moved into action preparing an application for a CBIL loan from small business loans specialist Funding Circle.

From submission to funds received the whole process was turned around in less than six working days. Phil commented: “Because Route Logistics was an existing client I was very familiar with the company’s financial performance over the last five years and was 100% confident that we would be able to secure the funding without delay. I am delighted for Amanda and her team. She has a solid business that deserves its chance to enter into an exciting new chapter.”

Managing Director Amanda Wells commented: “We are a family-owned business that prides itself on delivering a personalised, attentive and quality service to our customers. And that is exactly what we experienced with Phil and the Reach team, who have helped us support this milestone relocation plan in record time.”

Reach Commercial Finance is an independent financial brokerage with a wide range of experience in helping limited companies and corporate entities secure funding. It is part of Leonard Curtis Business Solutions Group.

This was posted in Bdaily's Members' News section by Sue Souter .