Reach Commercial Finance has helped one of Europe’s leading storage, distribution and sampling service providers secure its first-ever property acquisition in the Yorkshire area.
Phil Trueman put together a six-figure funding facility for Texlogistics to secure a new site in Riverside Business Park in Wakefield.
Texlogistics supplies fabric storage, sampling and bespoke products. The business – established in 2016 – had come up against a serious challenge to find a warehouse in a region where similarly-sized, quality spaces are rare.
When a legal issue reared its head late in the completion process, Phil was able to call on Gary Cain the director of Reach and through his contacts we were able to assist with pushing the deal over the line.
The final deal was a commercial mortgage from Allica Bank at a reasonable rate in order to preserve the company’s cash reserves.
Phil Trueman of Reach stated: “We are delighted to be able to secure finance for a fast-growing business like Texlogistics. This is the client’s first property acquisition and is a major milestone in the company’s growth. Warehousing is at a premium in West Yorkshire and to secure this site is a major coup.”
Darren Sowden, Managing Director at Texlogistics, said: “We experienced a number of challenges when attempting to complete the transaction for this site – but we knew Reach would be able to provide the necessary support and give best advice.
“They stepped up to help us when we needed it most and we are very grateful for their assistance in getting this deal over the line.
“The new site is exactly what we wanted and will ensure we continue to grow and provide even greater services to our clients across Europe and the rest of the world.”