Lloyds Bank helps drive growth at shed firm

Cambridgeshire shed manufacturer, Shire GB has purchased 30 new vehicles to improve its delivery service after securing a £500,000 hire purchase facility from Lloyds Bank Commercial Banking.

Following an increase in demand after launching a number of its own e-commerce sites, Shire GB has decided to invest in its own fleet of vehicles to further enhance its delivery service as a part of the company’s future growth plans.

Having previously rented its fleet, the family business used the asset finance facility from Lloyds Bank’s Commercial Finance team to buy 30 delivery trucks to transport its products.

Established in 1945, sells its ranges of sheds; playhouses; summerhouses; log cabins; arbours, and pet homes through national and independent retailers.

It delivers direct to the retailers’ customers using their unique nationwide ‘pick a day and tracking’ service as well as direct to store.

Shire GB has an annual turnover in excess of £13m and employs 200 members of staff across its two manufacturing sites in Wisbech and Sutton Bridge.

Finance director at Shire GB, Nigel Hamer commented: “We’ve seen an increased demand for online orders, and investing in our own fleet will help with our further expansion in this growing market and consolidate our delivery service.

“Owning vehicles is more cost-effective for us, meaning we’ll be able to further invest in our growing business.

“The funding from Lloyds Bank has helped us take a further step forwards in realising our ambitions, and we’ve enjoyed a continued relationship with the team.”

Regional manager at Lloyds Bank Commercial Finance, Mary Murrell said: “The e-commerce industry is currently the fastest growing retail market in Europe, with UK online sales exceeding the £52bn mark last year.

“Shire GB makes high quality garden products and has experienced significant growth, as people spend more time in their gardens.

“We’re committed to supporting small to medium-sized businesses like Shire GB, and to underline this, at Lloyds Bank we have grown our lending to SMEs by 26% since 2011, while the market has contracted by 13%.”