The haulage company was established in 2002 and transports goods such as asphalt, aggregates and sand from quarries to developments across the Midlands and the North and South of England.
Following increased customer demand, Garcha Haulage decided to upgrade older vehicles in its fleet to offer an improved service to its clients, and to create savings by running a more sustainable fleet.
Garcha Haulage turned to long-term banking provider Lloyds Bank Commercial Banking for support, which supplied a £160,000 asset finance facility that has enabled the company to replace one aging vehicle and add two more new vehicles in its fleet of 10.
Garcha Haulage, which has an annual turnover of £1.1million, has also expanded its workforce and now employs 10 day drivers and two night workers.
Kulwant Garcha, director of Garcha Haulage, said: “The funding from Lloyds Bank has been a big step forwards in continuing the business’ success and enhancing our sustainability credentials, as it’s more cost-effective to maintain newer vehicle models rather than continuing repair work on older trucks.
“The upgraded fleet will play a huge role in continuing to provide a reliable service to our clients as well as to attract new business. The future for Garcha Haulage is long-term growth and this is something that I’m sure a continued relationship with Lloyds Bank will help us achieve.”
Sarah Poett, HP direct sales executive at Lloyds Bank Commercial Finance, said: “It’s great to see the continued growth of Garcha Haulage and for us to be able to support its ongoing expansion.
“An asset finance facility is a useful tool for businesses like Garcha Haulage as it allows them to buy vital equipment with little impact to their day-to-day cash flow.”
Mark Barber, relationship manager at Lloyds Bank Commercial Banking, said: “Garcha Haulage is a great example of a successful local business that has seen the benefits of using asset based finance, and creating local jobs is a good boost for the local economy.
“As a part of our commitment to small to medium businesses, we have pledged to grow our net lending by at least £1billion to SMEs every year until the end of 2017.”