[14 December 2011], Leading logistics-company, Clipper Logistics Group, has set up a £850k credit line with asset finance provider Lombard that has enabled the company to invest in a new environmental initiative to reduce traffic and emissions in Central London.
Clipper Logistics, recently shortlisted for the International Green Awards 2011, approached Lombard, the dedicated asset finance division of The Royal Bank of Scotland Group, to support the funding of an eco-friendly electric vehicle as part of an ongoing environmental commitment to The Crown Estate.
Paul White, Group Financial Controller of Clipper Logistics, explained how Lombard supported the funding: "We were looking at what financial options were available to us to invest in the technology we required and when we approached Lombard it became clear that they looked at our proposals with a different perspective to other providers. They took time to understand our business, and came up with a funding solution that helped us to free up capital, which for any company in the current climate is precious. Lombard’s solution did exactly what it said on the tin and it’s good to know that we have support for future projects."
The electric vehicle operates from Clipper’s Consolidation Centre in Enfield, and delivers the consolidated goods to the retailers on Regent Street, thus reducing traffic congestion, improving air quality, allowing for deliveries to be made to better suit the retailers, and also offering full pre-retail services to make best use of in-store staff. The deliveries are consolidated with those of other retailers from around Regent Street and released from Clipper’s warehouse to arrive at the stores at pre-arranged times.
Simon Hilyer, Corporate Development Manager for Lombard, concludes: "Clipper Logistics’ participation in The Crown Estate project provides a good example of how asset finance can support the funding for this type of initiative. This is the first project of its kind but I do not doubt that it will be successful and that we shall see other cities in the UK following the example set in London."
