Port operator PD Ports has secured a £90m funding package from Lloyds Bank.
The Middlesbrough-based company will use the eight-figure boost to expand and develop its ports and logistics assets.
For Lloyds, the bank said it represents the next step in its commitment to developing key North East infrastructure.
PD Ports owns and operates Teesport, which last year processed 500,000 TEUs (twenty-foot equivalent units) and serves around 4,100 vessels annually.
Dermot Russell, group chief financial officer at PD Ports, said: “PD Ports has a recognised expertise in providing innovative and customer focussed ports and logistics solutions to a wide range of different customers.
“Our continued investment in infrastructure has allowed us to help our customers increase the efficiency of their global supply chains, and has delivered increased volumes through our assets.”
He continued: “We are delighted to have secured this facility from Lloyds Bank, which will allow us to continue our investment in regionally and nationally important infrastructure, and to enhance our capacity in our bulks and unitised platforms.”
Earlier this month, PD Ports revealed new short-sea services connecting the region with Antwerp and Dunkerque.
The transaction announced today (August 23) is the latest in a series of North East infrastructure deals backed by Lloyds, which led the £700m financing of the MGT Teesside biomass power station at Teesport.
The bank also provided a £15m support package for the Port of Blyth, which funded improvements to terminal infrastructure and the construction of new warehouse space.
Lloyds Bank business development director Alison Smith commented: “This £90m funding package will enable PD Ports to future-proof its offering and ensure that it can continue to offer outstanding port and logistics services to businesses in the North East and across the United Kingdom.
“Thanks to the close co-operation of Dermot Russell and PD Ports’ CEO Frans Calje, we’ve been able to develop a detailed understanding of the business’ goals and draw on sector expertise from across our banking team, specifically our specialist infrastructure and project finance team.”
She continued: “Building strong relationships such as this is a key part of how we do business. As part of our commitment to helping Britain prosper, we’ll be continuing to support the development of the North East’s infrastructure, and I’m looking forward to working ever closer with the PD Ports team in the years to come.”
For more information please visit www.pdports.co.uk