A Lincoln-based haulage and logistics company is expanding after securing a £600,000 funding package.
Rase Distribution Ltd, which saw a 10% growth in turnover in the last two years, has added 12 new trailers to its fleet after receiving a £600,000 funding package from Clydesdale Bank.
The firm, which was founded in 1967, is based at Wickenby Airfield in Langworth.
It is one of the UK’s leading independent logistics providers to the packaged hazardous goods sector and a range of other industries.
The £8.75m turnover business currently employs 105 staff and runs a fleet of 50 vehicles.
In total it manages more than 35,000sq metres of high quality secure storage facilities.
Following a number of new client wins, it placed an order earlier this year for 12 trailers, including two double-decker trailers, purchased as part of this deal.
These trailers are among the UK’s first double-decker trailers that comply with the most recent European construction standards.
The company’s recent additional services also included a significant investment in an online IT system, offering a ‘real-time’ and fully integrated inventory management system.
Geoff Hill, Managing Director at Rase Distribution Ltd, said: “The funding we received from Clydesdale Bank has enabled us to keep growing the business in a considered way.
“We are already targeting a turnover of £9.5m this year and are looking for opportunities to open new depots at locations near to main road infrastructure.”
The deal was arranged by business development manager David Burgess from the Business and Private Banking Centre in Lincoln.
David Burgess added: “This was the company’s first transaction with Clydesdale Bank. Geoff is forward-thinking and ambitious. He has big plans for Rase but he balances this with a sensible growth strategy.
“While recognising that there is the capacity for further expansion, it’s the company’s high level of customer service – primarily its attention to detail – that has enabled it to win major contracts.
“As the economic outlook continues to improve, Clydesdale Bank remains focused on supporting the growth ambitions of businesses in Lincoln.”