Bank of Scotland provide funding for TNT Express parcel delivery vehicles

Bank of Scotland Business Banking’s Asset Finance Transport & Distribution team is delivering the goods toTNT UK Ltd. The Bank’s team has provided funding worth £3.6 million to enable TNT to finance 144, 7.5 tonne, parcel delivery vehicles.

The five-year operating lease deal was concluded after comprehensive discussions with TNT, aimed at providing a bespoke funding package to meet their specific needs. One of the key considerations was ensuring that documentation was kept to a minimum and that the vehicle manufacturer and body builders were paid as and when the vehicles were delivered.

Chris Ball, Senior Financial Accountant at TNT commented: “TNT Express has used Bank of Scotland to finance the bulk of it’s 7.5 tonne fleet, during the last twelve months, because of the overall quality of product and service. The main strengths of the Bank’s product are that it takes care of supplier payments, uses simple documentation, offers competitive interest rates and flexibility at end of lease. This combined with excellent relationship management means that I see this product as a core element of our funding requirements over the coming years.”