The Marine Group, the parent company of Cardiff Diesel Services, is delighted to announce a new finance partnership with Lloyds Banking Group. The multi-million-pound finance deal is designed to support the company in financing its facilities and continuing investment programme.
The finance package, provided by Lloyds Banking Group, is an important step for The Marine Group in advancing its expansion programme. The completed deal with Lloyds Bank provides an optimised and conservative finance structure for the Group, with attractive market facing interest terms. The Marine Group has recently doubled the size of its land at Cardiff Marine Village and invested in new equipment including a state of the art Sealift at Cardiff Marina and a dredger. Future plans for the business include, the construction of further workshops and additional drystack spaces.
The funding package from Lloyds Bank and the company’s continued growth, supports a rolling recruitment programme across the Group in diesel engineering, boat repairs and marina management.
Christopher Odling-Smee, Director at the Marine Group said:
“The new re-financing deal with Lloyds Banking Group provides us with a firm platform to focus on our growth and investments plans. Lloyds Bank has taken the time to understand our business and the market in which we operate and we are delighted to be working with them and look forward to a long and mutually beneficial relationship.”
Greg Warren, relationship director for Lloyds Bank Commercial Banking said:
“We have worked with the management team at Cardiff Marine Group for a number of years, and in this time they have demonstrated an innovative and ambitious attitude towards growth. The investment in the new facilities will enable it to grow further over the coming years, increasing the firm’s turnover and creating job opportunities for people in the local area. We are committed to supporting businesses like Cardiff Marine Group that are looking to expand, which is why we have committed to increasing out net lending to SMEs by £1billion every year until 2017.”