Drac looks for growth after Kellogg's win
Logistics company Drac has signed a 15-month contract with food giant Kellogg's after securing funding from Aldermore Bank. Drac, based in Staffordshire, said it now aims to increase its turnover from £1.1m to £4.5m over the next year.
Under the terms of the deal with Kellogg's, Drac will take responsibility for the delivery of the cereal manufacturer’s products across the country.
Drac has also won a contract to become the sole supplier of logistics services to paper recycling exports business, International Recycling (IRL).
Aldermore supplied the company with an undisclosed finance package to enable the business to grow.
James Cresswell, regional manager at Aldermore in the Midlands, said: “Drac Logistics has thrived since its founders started the business. Aldermore was able to provide a funding solution to support the directors to grow the business to the next level.
“The downturn in the global export market is beginning to lift and Aldermore is delighted to support Drac Logistics as it expands its operations and contracts for a prestigious globally respected client roster.”
Alex Hayes, co-founder and director at Drac Logistics, said: “We are delighted at the pace of expansion and the global contracts that we have won with the financial assistance from Aldermore. The success of the business is testament to the combined experience and determination of our team.
"Over the past 12 months we have grown the business from three to six staff, including a graduate trainee, which complements our increasing number of international contracts.”
