Pall-Ex Group has purchased 66 trucks from lease supplier Ryder with rapid support from Metro Bank.
The deal, one of the bank’s largest asset finance deals, involved securing terms for in excess of £4m of finance at near 100% loan to value on the trucks.
Kevin Buchanan, Pall-Ex Group chief executive, said: “When this opportunity to expand came along, it was great to be able to work with a trusted partner who could work quickly to help us capitalise on the opportunity whilst minimising the risk.
“We appreciate the continued support and partnership we share with Metro Bank as we strive to grow and develop our UK and international networks.”
Metro Bank created a structure and pricing model that did not increase Pall-Ex Group’s existing payment commitments and also progressed the credit application and approval to ensure the supplier was paid within the tight timescales of the deal.
Graham Scott-Barnes, Metro Bank business development director, said: “The speed at which asset finance deals can be put into place is appealing to our customers when sudden opportunities strike and they need to act quickly to capitalise on the benefits to their business.”
Ryder is currently in the process of withdrawing from the UK market.
