£850k sparks new venture for Clipper Logistics
- £850k funding line helps Clipper Logistics invest in a new environmental initiative
- Lombard’s financial solution supports Clipper’s contract with The Crown Estate and frees up capital
- New technology provides Clipper with the opportunity for additional lines of business
Clipper Logistics Group Ltd is a UK leading logistics company. Founded in 1992, Clipper provides warehousing, distribution, e-fulfilment and other services to its clients, who include retail and high fashion companies. It specialises in retail and high value logistics.
In response to an initiative from The Crown Estate to reduce traffic and emissions in London’s Regent Street, Clipper looked to invest in electric vehicles. It had an existing relationship with Simon Hilyer, Lombard Development Manager, and contacted him once again to discuss funding.
Hilyer explains, The Crown Estate was looking to dramatically reduce the number of delivery trucks in Regent
Street. This involved working with retailers and suppliers, including a three year contract with Clipper, to use electric
delivery vehicles for all participating stores. This is the first project of its kind, but if successful could take off
in other cities.
Lombard created an £850k credit line which would support Clipper in its investment of this new technology and
a lease purchase finance solution for the electrical vehicle. Paul White, Group Financial Controller of Clipper Logistics,
explains, We had the truck on order and the chassis built and were looking around at what finance options were available
to invest in the new technology. Lombard took a different perspective. It considered the residual value of the asset and
took the time to understand us and the industry. Lombard’s finance solution has helped us free up capital, which for any
company in the current climate is precious. It did exactly what it said on the tin and it’s good to know it will support
Clipper with its future projects.
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