Leicestershire-based freight distribution company Pall-Ex Group has acquired 66 trucks that were previously being leased, in a deal supported by Metro Bank.
The bank initially began working with Pall-Ex Group four years ago with an invoice facility.
Since then, it has provided services including asset finance, fleet funding and working capital.
As part of the new deal, Metro Bank commercial banking director Doug Howell negotiated with Ryder, an operating lease supplier exiting the UK market, to secure terms for in excess of £4m of finance at near 100 per loan to value on the trucks.
The transaction represents one of the bank’s largest asset finance deals.
Kevin Craven, director of invoice finance, Metro Bank, said: “We have taken the time to understand the needs of the Pall-Ex Group as they have grown into a successful international business.”
Kevin Buchanan, chief executive, Pall-Ex Group, added: “When this opportunity to expand came along, it was great to be able to work with a trusted partner who could work quickly to help us capitalise on the opportunity whilst minimising the risk.
“We appreciate the continued support and partnership we share with Metro Bank as we strive to grow and develop our UK and international networks.”
Graham Scott-Barnes, business development director, asset finance, Metro Bank, said: “The speed at which asset finance deals can be put into place is appealing to our customers when sudden opportunities strike and they need to act quickly to capitalise on the benefits to their business. We are delighted to have helped Pall-Ex Group on its growth journey.”