A firm says it hopes to increase its turnover by 20% after securing a finance package.

North Kent Distribution, a Gravesend-based pallet distribution firm, hopes to deliver the growth over the next two years following an agreement with Lloyds Bank Commercial Banking.

It is expanding its 12,000 ft² warehouse capacity by 50 per cent, and purchasing three new lorries, increasing its fleet size to 25, as part of its ongoing growth plans.

Forming part of Lloyds Bank’s pledge to support companies in the south east with £3.6 billion of lending this year, the working capital facility will help the business to invest in its expansion while supporting cash flow.

North Kent Distribution’s 40-strong team handles more than 630,000 pallets a year for clients across a variety of sectors, from manufacturers to publishing houses.

Owner Gary Knight said: “We’ve enjoyed unprecedented growth in the past few years, largely due to the rise in ecommerce, unrivalled customer service and increasing demands from consumers for ever-faster and more flexible delivery options.

The management team has successfully built a business of scale and continues to explore exciting opportunities to expand further.

“Increasing our warehouse capacity and purchasing new vehicles will enable us to grow at a pace in line with the strong demand we’re experiencing, as well as ensuring we remain fully compliant with new emission regulations within central London."

Jean Aubee, director at Lloyds Bank Commercial Banking, added: "North Kent Distribution is an established and highly ambitious firm. The management team has successfully built a business of scale and continues to explore exciting opportunities to expand further and strengthen the local economy."

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