Solus shines with Lloyds funding agreement
Garden and leisure products supplier Solus has agreed a multimillion-pound trade finance deal with Lloyds Bank Corporate Markets. The Halesowen-based company said the deal would allow it to maximise future growth.
The trade finance solution, which consists of letters of credit and flexible import loans, was put together by Lloyds’ trade finance, relationship and area directors. It is designed to match the working capital patterns of the business, which vary greatly depending on the time of year and weather conditions, said the bank.
Jamie Nicklin, commercial director at Solus, said: “We operate in a competitive market and it’s essential that the financial facilities we have in place support both the import and wholesale elements of the business. The trade finance solution put together by Lloyds was not an ‘off the peg’ product and we know it has the flexibility we need as Solus continues to grow and develop.”
Solus employs more than 300 people across its network of depots in the West Midlands, plus three additional sites in Scotland, Newcastle and Norwich.
