A Gravesend-based pallet distribution firm looks set to increase turnover by 20 per cent over the next two years, following a significant funding package from Lloyds Bank Commercial Banking.
North Kent Distribution is expanding its 12,000 ft² warehouse capacity by 50 per cent, and purchasing three new lorries, increasing its fleet size to 25, as part of its ongoing growth plans.
Forming part of Lloyds Bank’s pledge to support companies in the South East with £3.2 billion of lending this year, the working capital facility will help the business to invest in its expansion while supporting cash flow.
Established in 2011, North Kent Distribution has grown to become one of the region’s leading palletised freight distribution and storage companies, offering a 22-strong fleet of vehicles and serving both North Kent and South East London. The business is also a shareholder member of the Pallet-Track freight distribution network, comprising a network of 90 hauliers which work together to distribute goods across the UK.
North Kent Distribution’s 40-strong team handles more than 630,000 pallets a year for clients across a variety of sectors, from manufacturers to publishing houses.
Gary Knight, owner, North Kent Distribution, said: “We’ve enjoyed unprecedented growth in the past few years, largely due to the rise in ecommerce, unrivalled customer service and increasing demands from consumers for ever-faster and more flexible delivery options.
“Increasing our warehouse capacity and purchasing new vehicles will enable us to grow at a pace in line with the strong demand we’re experiencing, as well as ensuring we remain fully compliant with new emission regulations within central London.
“Lloyds Bank has been firmly by our side for six years. Its sector expertise and in-depth knowledge of our business, combined with the relationship we’ve built with the team over the years has enabled us to adopt a measured growth strategy, to continue on our upward trajectory.”
Jean Aubee, director at Lloyds Bank Commercial Banking, added: “North Kent Distribution is an established and highly ambitious firm. The management team has successfully built a business of scale and continues to explore exciting opportunities to expand further and strengthen the local economy.
“Supporting North Kent Distribution to expand its operations, without impacting day-to-day cashflow, forms part of our commitment to helping Britain prosper, and enabling ambitious firms to take the next step in their growth journey.”