Prolog lands �10m funding package
SUFFOLK-based outsourcing company Promotional Logistics (Prolog) has agreed a �10million package with Lloyds TSB Corporate Markets to fund growth which is could create up to 500 new jobs.
The deal will support Prolog, which provides outsourced promotional and retail logistics and customer communications, in the expansion of its Sudbury headquarters with the development of new warehouses and office space.
Prolog, which is transferring its day-to-day banking to Lloyds as part of the deal, has an annual turnover of �41m and already employs more than 900 people across the East of England the the East Midlands.
Prolog director Peter Tyrer 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.”
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Richard Todd, relationship director for Lloyds TSB Corporate Markets in the East, added: “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.
“We’re pleased to be working in partnership with Prolog and supporting its ongoing expansion. We look forward to building a long-lasting relationship with the firm over the years to come.”
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Prolog was established in 1981 and has grown from its original total of just seven staff into one of the UK’s leading outsourcing firms, supporting the distribution and warehousing as well as the management of call centres for many top retail brands, charities and government organisations.