South West forecourt operator Chartman Limited has secured a seven-figure funding package from Lloyds Bank Commercial Banking, to support its continued expansion and on-going petrol forecourt rebuild and refurbishment programme.
The lending facility has been provided by Lloyds Bank’s Plymouth-based team, using funding from the Government-backed Funding for Lending Scheme, which enables businesses to take advantage of reduced borrowing costs in order to boost their growth plans and support future investment.
Established in 1987, Chartman is one of the region’s leading forecourt operators, with nine petrol forecourts and convenience stores in prime commuter and tourist locations across Devon, Cornwall and Somerset. The business has more than 100 employees spanning its retail and wholesale operations.
The funding package from Lloyds Bank provides additional capital which will help to support the continued growth and expansion of Chartman, including the recently completed rebuild of one of its flagship petrol forecourts - the Winning Post, which is situated on Haldon Hill near Exeter.
Conveniently located on the A38 between Plymouth and Exeter, the new petrol forecourt and adjoining convenience store occupies a 14 acre site, and has been completely rebuilt to a high specification. With 14 petrol pumps, the forecourt has the capability to service a wide range of vehicles from cars through to HGVs and large commercial vehicles.
The company’s growth in recent years has been largely driven by the on-going expansion and investment in its petrol forecourt network, resulting in a notable uplift in consumer footfall.
Chartman has an annual turnover in excess of £45million and has been a customer of Lloyds Bank for more than 40 years. During this time, Lloyds Bank has consistently increased working capital funding lines to the business, in order to help drive its on-going development and expansion.
Clive Sheppard, executive director at Chartman Limited, said: “The complete rebuild and refurbishment of our Winning Post forecourt near Exeter forms part of our commitment to provide our customer base – both local people and visitors to the area - with a high standard of roadside service and convenience.
"The local team at Lloyds Bank in Plymouth has demonstrated commitment to helping us realise our long-term ambitions, enabling us to undertake a considerable refurbishment and expansion programme.”
Andrew Wilton, relationship director for Lloyds Bank Commercial Banking in Plymouth said: “Chartman is a business that has strong growth objectives and its ambitious management team has a clearly defined plan to help achieve these goals. The company’s commitment to investing in its petrol forecourts across the South West region makes sound commercial sense and further cements its position as a leading independent operator in this sector.
“Successful mid-market businesses such as Chartman are fundamental contributors in driving the UK’s economic growth and Lloyds Bank is committed to working with them to provide the backing they need to support their future development.”
Picture shows Lloyds Bank Commercial Relationship Director Andrew Wilton filling up at the rebuilt Winning Post forecourt near Exeter, alongside Chartman Limited directors Clive Sheppard, Sandra Goff, John Hartshorne and Ian Jacombs