M&R Haulage, a family-owned haulage company, has agreed a new asset finance facility with Aldermore, the specialist lender and savings bank.
The company, which is based in Hounslow in Middlesex, is in the process of upgrading its existing fleet of vehicles to ensure it is well-placed to meet low emission zone requirements and win new contracts following the decision to expand Heathrow Airport. The finance from Aldermore will be used to purchase a new truck and help the company to win new clients.
M&R Haulage was founded in 2007 by Varinderjit Singh who now runs the business with his brother and son. The company, which employs 10 people including six drivers, is organised into two divisions. M&R Haulage provides haulage services to tarmac companies involved in road and motorway maintenance. M&R Aggregates is the company’s dry aggregates business and supplies aggregate materials to builders, plasterers and contractors working on construction projects in the West London area.
Leasing broker Shire Asset Finance, which has a longstanding relationship with M&R Haulage, introduced the company to Aldermore.
Varinderjit Singh, Director at M&R Haulage, said:
“When we were looking for a lender to finance our new truck, Aldermore stood out as enjoying a good reputation within the industry. From our initial dealings with the Bank, it was clear that the team there was interested in understanding our company rather than simply lending the funds which was refreshing. We were really pleased with the funding terms offered by Aldermore and the service they have provided has been both flexible and efficient from the start.”
Alan Rutherford, Director at Shire Asset Finance, said:
“Based on our longstanding relationship with M&R Haulage, we were the first choice for Varinderjit when he needed to purchase a new vehicle to add to the company’s fleet. We worked closely with him to agree an appropriate deal structure and then had no hesitation in making the referral to Aldermore. The new funding will put the company in a position to continue its growth, with the purchase of the new vehicle strengthening its position in the West London haulage market.”
Neil Johnson, Account Manager, Asset Finance at Aldermore, said:
“M&R Haulage is a well-established and successful business with a strong track record of supporting construction and motorway maintenance in the West London region, including vital projects at Heathrow Airport and the widening of the M25. With its new finance facility, M&R Haulage is able to progress the upgrade of its fleet, and is well-placed to take advantage of opportunities that may come up over the next few years, particularly as a result of the Government’s decision to support the construction of a new runway at Heathrow.”
