Secure Trust Bank Commercial Finance has provided a £9.4m asset-based lending facility to support a North Yorkshire-based family business.
The specialist bank was chosen to help fund a management buy-in at Bulk Logistics Group, which operates in the dry bulk logistics market.
The funding line was used to enable the existing management team, the Ward family, to sell shares to the Castle/Edghill family.
The company has 100 specialist vehicles for moving agricultural products – such as grains and fertilisers – as well as salt, coal, aggregate and waste across the UK.
Bulk Logistics currently employs 150 staff across its UK-based sites in Middlesbrough, Leeds, Carlisle and Newcastle, and recorded a turnover of £30m in the year to 2017.
The company has a strong client base in Cleveland Potash Ltd and SITA, which is part of the French multinational corporation Suez Group.
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