£2.5m funding facility drives growth for haulage business
Independent SME funder, Bibby Financial Services (BFS), has provided a £2.5m funding facility to Brit-Pol Limited, a haulage specialist with a decade of experience in the industry.
Based in Immingham, Lincolnshire, Brit-Pol Ltd is a family-run haulage company which collects goods in Europe and delivers to Blue Chip Companies operating in Germany, the Netherlands, Luxembourg and the UK.
Established in 2011 by brothers Adam and Sebastian Zegocki with just one truck and one customer, the company now has a fleet of 90 trucks in the UK, 40 trucks and 300 trailers in Europe and an annual income of £15m.
The company operates from premises in Immingham, Lincolnshire; ideally located to serve all five major ports on the Humber bank; Grimsby, Immingham, Killingholme, Hull and Goole, as well as the three main multimodal rail depots at Rotherham, Doncaster and Leeds.
While seeking financial support to boost their working capital, the business was introduced to BFS’s corporate funding team by Graham Cooper of Avanti Corporate Solutions. BFS corporate manager, David McIntyre and assistant corporate manager, Ellen McEvoy, worked quickly to understand the needs of the business and were able to structure an Invoice Finance package which funds 100% non-UK debt, funding contracts outside of UK jurisdiction.
The £2.5m invoice discounting facility will enable the business to extend its export and import markets, strengthen its fleet and establish a new office in Poland, with the aim of doubling their income in the next 12 months.
Sebastian Zegocki, managing director, Brit-Pol Ltd. commented: “The new funding will play a pivotal role in our plans for growth, freeing up cashflow to invest back into the business and allowing us to expand our capability in Europe.
“We’re thrilled to partner with BFS, the team are really well informed and have been extremely helpful throughout the process – the fact they were able to structure a package to fund export debt was particularly impressive, despite the uncertainties surrounding Brexit. We look forward to working together to drive the business forwards.”
David McIntyre, corporate manager, Bibby Financial Services, said: “Brit-Pol Ltd. is a fantastic example of the type of ambitious, growing business that we’re committed to supporting. With a network of offices across Europe, including Poland, BFS is well placed to offer a multinational approach to support SMEs like Brit-Pol.
“Working closely with the management team, we were able to structure a unique facility which exclusively finances overseas contracts, enabling the business to progress its expansion in European markets. The team have demonstrated they have the processes in place and expertise to navigate new legislative changes in regard to Brexit, so we’re delighted to be able to deliver a solution that will provide the working capital required for the business to grow in 2021 and beyond.”