Battery group to expand with £1.5m funding
Battery Distribution Group, headquartered in Birmingham, is set to increase turnover to £6m over the next 12 months after receiving a seven-figure invoice finance facility from Lloyds TSB Commercial Finance.
The company, which supplies automotive batteries, is set to increase turnover by 50 per cent over the next year after securing a £1.5m funding package.
It currently employs 28 people across three warehouses in Exeter, Portsmouth and Birmingham.
Battery Distribution said that it needed a funding boost to increase the amount of stock held to deal with rising customer demand in the busy winter period.
After securing the funding, the company employed eight new members of staff and said that it “hopes to take on more people as it continues to grow”.
Wayne Daniel, who has been the managing director of Battery Distribution Group since the company was established, said he was “confident that the business will continue to expand over the next year”.
He said: “Like all firms, we have grown from modest beginnings and I am proud of what my team has achieved over the last decade. We are now a national provider of every type of commercial and leisure automotive battery and our loyal customer base is testament to our competitively priced products.”
“The funding from Lloyds TSB Commercial Finance has helped us maintain a strong inventory of products going forward to the busy winter period and we are now in a fantastic position to increase our turnover by 50 per cent.”
