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Monday, July 22, 2024

Vincents supports McMurrays refinancing deal

A Lancashire haulage firm is on track for expansion following a £1.4m refinancing deal with Lloyds Bank, supported by Vincents Solicitors. Commercial Property director Sophie Mercer represented Accrington’s McMurrays Haulage in the deal which saw them also complete a re-banking exercise, transferring from Santander to Lloyds. Kuits represented Lloyds.

McMurrays, which celebrated its 50th anniversary last year, is building a £1.1m extension to its facility in Accrington, providing 28,000 sq ft of additional storage, distribution and office space. The firm is also recruiting up to a dozen new drivers and administrative staff to meet the increased demand for its services.

David McMurray, managing director, said: “The transport and logistics sector is busier than ever and, thanks to our continued investment and commitment to customer satisfaction, we’re increasing our share of that market. Having celebrated our half a century in 2021, our focus is now on ensuring we can replicate and exceed that success over the next 50 years. This investment programme, which began with replacing our fleet and continues with the premises expansion, will be key to increasing that market share.

“The refinancing and re-banking is supporting the build programme and growth of our team. This will help us meet current and future demand and provide scope for further growth. In reviewing our business plan we were keen to take advantage of the rates being offered by Lloyds, and were pleased to instruct Vincents to make the arrangements for our refinancing and property assets which, together, provide a very solid foundation for those ambitions.”

Sophie Mercer, head of Vincents’ newly launched Poulton office, said: “We’re delighted to have been instructed by McMurrays to support their recent refinancing. Given the age and longevity of the company, this was no average transaction. The site has been expanded over the years leaving a complicated site set-up with multiple titles and charges. We structured the transaction to allow the business to refinance and transfer to Lloyds, while also protecting their property assets for the future and provide immediate access to funds as part of the firm’s investment strategy.”

Garry Birchall, relationship director for Lloyds Bank, added: “I’m thrilled to welcome McMurrays to Lloyds. We have been working with the business to provide working capital invoice financing and loan funding to support building works and business growth, while a cap-ex funding line has also been provided for fleet acquisition.

“We also provided a significant contribution towards professional costs via the Lloyds switcher fund which is available to new to bank clients. I want to thank McMurrays for choosing to work with Lloyds and all the professional advisors and Lloyds staff involved in making this transaction happen.”

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