Masters Logistical to increase turnover to £6million with bank loan
- Credit: Archant
A Stretham distribution company will increase turnover to £6million, buy its existing premises and 3.5 acres of land with the support of a £2.5million bank loan.
Masters Logistical, in Ely Road, will increase its operations with the support of funding from Lloyds Bank Commercial Banking.
The company, that transport goods to and from businesses both nationally and internationally, has purchased the site it previously rented for 15 years.
Bosses now plan to build a new warehouse on the site and to hire an additional three members of staff. It is expecting to increase its annual turnover by 10 per cent to £6million in the next year.
The £2.5million cash injection from Lloyds Bank, which forms part of the Bank's commitment to lend £1.7billion to businesses in the East of England in 2019, enabled the business to buy the necessary land to scale up operations.
Paul Upton, managing director of Masters Logistical, said: "Purchasing this land, and our existing premises, is a huge step forward for our business.
"We're excited to push on with our development plans and get our new warehouse in place."