Shawbrook Bank has provided £2.2m in funding to leading Scottish road haulage firm Monarch Transport Ltd.
The deal will help support Monarch’s new owners pursue exciting growth plans following their recent acquisition of the business.
Joint-managing directors John Weir and Derek Anderson completed the management buyout of Monarch in September 2018, taking over leadership from founder David McFarlane.
McFarlane started the company in 1989 and over the past 30 years Monarch Transport has grown into one of the largest road haulage companies in Scotland, operating throughout the UK and Europe.
The company has built a reputation for investing in new, state of the art technologies and maintaining a first-class logistics infrastructure.
Monarch demonstrated its commitment to innovation in 2001 when it become one of the founding members of Palletforce, a pallet distribution network that now covers more than 24 European countries.
Derek Anderson, managing director at Monarch Transport Ltd, says:
“Shawbrook has the capability to provide a range of flexible funding solutions and we are delighted to have their support at such an important juncture in the lifecycle of Monarch Transport Ltd. We are very excited about the future and the plans we have in place for the business. We’re continuing to expand our services while also reducing our carbon footprint and maintaining a sustainable approach to business. The support from Shawbrook will help us to achieve our goals for the business and to ensure we remain one of the most trusted providers of road haulage services in the UK.”
Kevin Boyd, managing director, Scotland at Shawbrook Bank, says:
“Since the change in ownership, Monarch continues to grow and I seem to see more and more of their bright yellow out on the roads. We were able to provide a facility that helps to conclude the MBO whilst also providing the working capital headroom the business needs as it continues to expand. Just as Monarch lives on its ability to successfully deliver, I’m proud of the team here at Shawbrook for pulling out the stops to get the funding delivered in near record time.”