Suffolk-based Promotional Logistics (Prolog) has agreed a £10 million funding package and transferred its day-to-day banking to Lloyds TSB Corporate Markets.The deal will support Prolog, a market-leading provider of outsourced promotional and retail logistics and customer communications, in its bid to expand its Sudbury headquarters with the development of new warehouses and office space.
The company, which has an annual turnover of £41 million and customers spanning the public, private and not-for-profit sectors, currently employs over 900 people across its East of England and East Midlands operations.
The proposed expansion in Sudbury is expected to create up to 500 additional jobs in the area.
Peter Tyrer, director, Prolog said: “We were impressed by the thorough and positive approach of the team at Lloyds TSB. They are experienced bankers who really took the time to understand our business and match our requirements.
“This deal provides the headroom we were seeking as we continue to grow and develop Prolog.”
Since it was established in 1981, Prolog has grown dramatically from a small business with only seven members of staff into one of the UK’s leading outsourcing firms.
Today it supports the distribution and warehousing as well as the management of call centres for many top retail brands, charities and government organisations.
Richard Todd, relationship director, Lloyds TSB Corporate Markets in the East adds: “Prolog is an excellent example of an ambitious local firm which, under the leadership of a strong management team, has continually built on its success.”
• PHOTOGRAPH SHOWS: (from left to right) Peter Tyrer, Prolog; Darshana Bawa, Prolog; and Richard Todd, Lloyds TSB Corporate Markets