Praetura Commercial Finance supports haulage pioneer OTIF Group with £12.5m of funding to support their ambitious growth plans.
OTIF Group had a strategic vision to create a more independent distribution network for their services to help bolster their growth in the UK haulage sector.
In order to achieve their goals, OTIF Group owner and operator Graham Darnell wished to acquire Truswell’s, a family run business that offers general haulage and warehousing with over 70 trucks and 181 trailers in operation.
After spending time with the business to understand their goals, Praetura Commercial Finance created a mixed facility consisting of Confidential Invoice Discounting, Cash Flow Term Loans and Property Term Loans.
Praetura Commercial Finance’s team was instrumental in negotiating the acquisition deal, and a team from Praetura Asset Finance helped to create a more flexible mix of funding facilities that met the business’ needs.
OTIF Group successfully acquired Truswell’s and are now ready for growth. Within just a few weeks, the team had already recognised the opportunity for expansion and is planning to increase Truswell’s haulage capacity by more than 17%, supporting the company’s wider existing expansion plans. This will be supported by the OTIF Group’s network combined with Truswell’s established infrastructure.
Graham Darnell, managing director at OTIF Group, said: “Praetura immediately understood our long-term goals and what the company was trying to achieve. The funding process was straightforward, efficient and their team ensured we completed within our target timeframe.”
Stuart Bates, commercial director of Praetura Commercial Finance said: “Helping UK entrepreneurs realise their vision is a privilege for the Praetura team. It’s clear that Graham’s ambitions will ensure a bright future for OTIF Group and Truswell’s in the haulage sector. It was also great to work with our partners at Praetura Asset Finance on this transaction, demonstrating what the Praetura Group as a whole can offer to UK SMEs.”
Client: OTIF Group
Service: Confidential Invoice Discounting, Cash Flow & Property Term Loans