Masters Logistical expands with support from Lloyds Bank
Masters Logistical has purchased its existing premises and an additional adjacent 3.5 acres of land to increase its operations with the support of a £2.5million funding package from Lloyds Bank Commercial Banking.
The Cambridgeshire business, which transports goods to and from businesses both nationally and internationally across 17 European countries including France, Germany and Denmark, has purchased the site it previously rented for 15 years.
The £2.5million cash injection from Lloyds Bank, which forms part of the Bank’s commitment to lend £1.7billion to businesses in the East of England in 2019, enabled the business to buy the necessary land to scale up operations. The Bank’s loan is part of its commitment to lend £18bn to British businesses this year to help Britain prosper.
Masters Logistical now plans to build a new warehouse on the site and to hire an additional three members of staff. It is expecting to increase its annual turnover by 10 per cent to £6million in the next year.
The company works with local East Anglian businesses to transport their goods up and down the country and around the world.
Paul Upton, Managing Director of Masters Logistical, said: “Purchasing this land, and our existing premises, is a huge step forward for our business. We’re excited to push on with our development plans and get our new warehouse in place.
“Lloyds Bank has been by our side throughout this process. The funding allows us to build both our workforce and our customer base.”
Michael Adams, Relationship Manager at Lloyds Bank Commercial Banking, said: “It’s encouraging to see that Masters Logistical is investing in its future. Local businesses can continue to rely on it to continue exporting their products.”
“We’re proud to help local businesses like them provide essential services to the region by offering them a loan, and look forward to seeing the new warehouse in the future.”
Issued on behalf of Lloyds Bank Commercial Banking by Citypress