Specialist bank supports family business with £9.4m funding line

The specialist bank was chosen to help fund a management buy-in at Bulk Logistics Group, which operates in the dry bulk logistics market.

The funding line was used to enable the existing management team, the Ward family, to sell shares to the Castle/Edghill family.

The company has 100 specialist vehicles for moving agricultural products – such as grains and fertilisers – as well as salt, coal, aggregate and waste across the UK.

Bulk Logistics currently employs 150 staff across its UK-based sites in Middlesbrough, Leeds, Carlisle and Newcastle, and recorded a turnover of £30m in the year to 2017.

The company has a strong client base in Cleveland Potash Ltd and SITA, which is part of the French multinational corporation Suez Group.

Sean Powell, national sales director at Secure Trust Bank Commercial Finance, said: “Bulk Logistics has a clear strategy in place, with acquisitions supplementing the already impressive levels of organic growth being generated.

Sean Powell, national sales director at Secure Trust Bank Commercial Finance

“We are looking forward to supporting the business as it rolls out its plans in other areas.”

Along with its organic growth, the business has demonstrated its intent to adopt a buy-and-build strategy.

In the last month, Bulk Logistics has acquired two compatible North Yorkshire-based businesses: WG & H Horsley, a bulk carrier located in York, and Hare Bulk Haulage Ltd from Northallerton.

Further additions were said to be in course of negotiation and are planned to be concluded within the next 12 months.