Inspiring Business by Sharing Success

Metro Bank continues to power Pall-Ex as haulage firm embarks on next phase of growth

Pall-Ex this week announced that ex-Dragons’ Den star Hilary Devey CBE has sold the business to its senior management team and UK network members.  Metro Bank is proud to continue to support the business, via a £3.25 million invoice financing arrangement set up in February 2018, as it embarks on its next phase of growth.

The European haulage firm was launched more than two decades ago.  It is now an £85 million turnover business, headquartered at Ellistown, near Coalville.  The company runs networks in eight European countries and employs around 400 people directly in the UK, while its wider network supports around 8,000 jobs.

The Pall-Ex network conveniently and effectively moves freight around the country using its members to move pallets for one another. Most of its freight passes through its central Leicestershire hub, and the business moves more than six million pallets per year across the UK and Europe.

Metro Bank started working with Pall-Ex in 2018.  Pall-Ex introduced the facility as the most cost-effective way to generate additional working capital to support its UK and European development plans such as the implementation of its new core operating system Nexus.  Metro Bank will now continue to work with the firm going forward as it sets about further expanding into Europe.

James Scarborough, Regional Director at Metro Bank, says:

“Pall-Ex is an industry-leading international brand making a real impact.  Asset based finance facilities are ideal for growing businesses, and we’re proud to have supported Pall-Ex in reaching this milestone for the company as it moves to management and network ownership.  It has ambitious growth plans for the future and our teams here at Metro Bank are excited to be working together with Pall-Ex to make these a reality.”

Kevin Buchanan, Group CEO at Pall-Ex, added:

“Over the past 12-18 months a collection of core people within Pall-Ex and the UK membership have been working together to acquire the entire Pall-Ex Group of companies. The support of our key suppliers has been pivotal during this process and we look forward to working with Metro Bank in the coming months and years as we evolve the Pall-Ex network.”

Metro Bank offers tailor-made funding solutions for its clients, with a common-sense approach to lending and a range of cash management solutions. Customers are supported by a dedicated team of relationship managers, who provide expert and industry-specific guidance across the healthcare, hospitality and leisure, property, charities and not-for-profit, inward investment and financial services sectors.

 


< Back