New banking partnership supports Lincoln's Troops expansion


New banking partnership supports Lincoln's Troops expansion

Longstanding Lincolnshire family business F Troop & Sons Ltd, locally known as Troops, have entered into a new banking partnership with NatWest to provide their funding following the expansion of the business with the opening of a new petrol station and retail store on Farndon Road, Newark.

The motor trade business which is run by husband and wife Rodney & Caroline Troop has over 50 years of experience in serving the local community through the sale of petrol, operation of convenience stores, the sale of motor vehicles and the service and repair of motor vehicles through their workshop and accident repair centre. Whilst predominantly specialising in Vauxhall, all makes of vehicle are catered for from their Leadenham base.

The directors have developed their former dealership site at Farndon, adjacent to the new A46 dual carriageway. The site has been rebuilt to provide new petrol station and retail facilities which is being operated by Spar. The site is now fully operational and exceeding all budgeted expectations.

The new banking relationship with NatWest has seen the bank extend funding to support the Farndon development as well as restructuring existing facilities to support the ongoing trading business, which continues to trade well despite the ongoing economic difficulties.

Speaking about their plans for the future and their new banking partnership, Rodney Troop said: "Farndon is an exciting investment for us and we are delighted to have secured the funding necessary to support it and our other business operations. NatWest have understood the vision we have for the business and put together a funding package that covers the cost of the Farndon Road project as well as providing funding for the main trading business. Importantly this provides both flexibility and additional headroom to manage our cash flow requirements both now and in the future as our son Daniel and his wife Nicki look to continue as the fourth generation in the family business. Besides the funding package a key advantage to us in switching to NatWest is the availability of local support, people we can meet and talk to on a regular basis."

Dave Fisher, director, business development, commercial banking at NatWest in Lincoln put together the funding package. He added: "Rodney & Caroline have built a strong business and developed a tremendous reputation locally for providing friendly and efficient service. The Leadenham operation continues to service a loyal and growing customer base. The Farndon site is well positioned close to the new A46 dual carriageway which is predicted to carry heavy traffic once fully operational. This, combined with securing Spar as a long term tenant vindicates the investment decision."

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