Coventry firm driving to success with fresh funding
By Daniel Hunter
A Coventry haulage company is expecting its turnover to rise to over £1 million after investing in new equipment using a £75,000 hire purchase facility from Lloyds TSB Commercial Finance.
Established in 2002, Steve Frowen Transport operates a fleet of eight vehicles to deliver aircraft engines and parts from manufacturers to airports across Europe for clients including Ceva Logistics, Lawton Tubing, Geberit and Kuehne and Nagel.
The business, which has 14 employees, has seen its annual turnover reach over £750,000 after securing several new contract wins.
To enable the firm to transport larger engines, its long-term banking provider Lloyds TSB Commercial introduced the company to Lloyds TSB Commercial Finance, which provided the asset finance facility, enabling Steve Frowen Transport to purchase a stepped frame trailer.
The scheduled payment structure provided with this form of funding simplifies cashflow forecasting and ensures that the purchase of essential equipment does not put pressure on the business’ liquidity.
The new state-of-the-art trailer will enable the company to efficiently supply engines for both small and large aircraft. It also provides the firm with the capacity to move alternative cargos and therefore engage with a wider customer base.
As a result of this increased capacity, the firm expects its annual turnover to exceed £1 million in the next year.
The company is also set to employ additional people and purchase a ninth vehicle by the end of the year as it looks to build further on its recent growth and expand into new sectors.
Lloyds TSB Commercial Finance also provides Steve Frowen Transport with an invoice finance facility to generate cashflow for the business.
Steve Frowen, director of Steve Frowen Transport, said: “We provide an efficient, expert haulage service to a range of multi-national clients, which includes a strong 10-year relationship with Ceva Logistics.... continued on page two >