Abbey, the winner of Motor Transport Haulier of the Year in 2010, aims to provide a smarter and more contemporary method of transport by limiting the environmental impact of the solutions provided to its customers. With over 180 trucks and 230 tanks and trailers across nine UK bases, Abbey is widely acknowledged as the UK's leading transporter of bulk liquid food ingredients with over 20 years' experience in the food industry.
The additional £884k in asset finance, delivered from a combined team from The Royal Bank of Scotland Corporate and Institutional team (RBS CIB) and Lombard Asset Finance, will allow Abbey to acquire the assets of Macclesfield-based RH Stevens, a long established haulier of bulk powder. The finance will see Abbey purchase 15 used tractor and trailer units as well as 30 tankers, and is another step in the company's recent development.
Steve Granite, managing director, Abbey Logistics Group, said: "We have had a relationship with RBS for 15 years and we were delighted to receive the additional finance. The team at RBS excelled in providing a flexible funding package which will enable us to achieve our growth plans. The recent acquisitions have increased our market presence even further and will help fulfil our ambition of providing more eco-friendly transport options to our customers."
John Csizmadia, relationship director, RBS Corporate & Institutional Banking, said: "Abbey is a perfect example of an excellent regional and environmentally conscious company that we are delighted to be able to help. The deal underlines our own ambitions of helping innovative local companies through effective funding. We are excited to help Abbey reach its goals, and are looking forward to helping the firm develop into an even bigger, market-leading logistics operation in the near future."
The acquisition of the assets of RH Stevens follows the purchase of the palletised haulage business, TP Farrell, in March 2010 and fits Abbey's strategic plan of growth through both organic growth and acquisitions. The procurement will also ensure both logistics and office jobs, as 20 drivers and a section of the office staff will move from RH Stevens to Abbey.