Ignition Credit

Business & Personal Asset Finance in Cornwall

  • Facebook
  • LinkedIn
  • Twitter
Call Us: 01872 272900 or 0330 010 4282
  • Home
  • We Finance
    • Car Finance
    • Prestige Car Finance
    • Classic Car Finance
    • Motorsport Finance
    • Vans & LCV Finance
    • Haulage & HGV Finance
    • Bus & Coach Finance
    • Horsebox & Trailer Finance
    • Agricultural Finance
    • Renewable Energy Finance
    • Construction Finance
    • Engineering Finance
    • Technology Asset Finance
    • Refurbishment & Fit-Out Finance
    • Catering Finance
  • Products & Services
    • Asset Refinance
    • VAT Deferrals
    • Operating Lease
    • Hire Agreement
    • Hire Purchase
    • Finance Lease
    • Structured Payments
    • Contract Hire
    • PCP (Personal Contract Purchase)
    • Request a Settlement
    • Ignition Funding
    • Corporation Tax Loans
    • Invoice Finance
    • Commercial Loans
    • Loan and Chattel Mortgage
    • Supplier Finance
    • Recovery Loan Scheme (RLS)
  • Supplier Finance
  • Asset Re-sale
  • About Us
    • Case Studies
    • Meet the Team
    • FAQs
    • Join the Team
    • Jargon Buster
    • Commission Disclosure
    • Complaints Procedure
    • News
    • The SME Finance Charter
  • Vehicle Finance Calculator
  • Get Quote
  • Contact Us

Ignition Delivers Financial Solution for Acquisition of STR Logistics

27th April 2021 By Katy Baker

Truro-based Ignition, a leading UK provider of vehicle and asset finance for SMEs, has helped arrange finance for the acquisition of Exeter logistics company, STR Logistics.

Founded in 2002 by Steven Richardson, STR Logistics has grown to become a well-established delivery, distribution and transport solutions company, working with national companies to deliver goods across Devon, Cornwall and beyond. 

Earlier this year, Steven took the decision to sell the company and was approached by prospective buyers, Anthony Quinn and Peter Adams.  The pair both held senior roles in logistics for many years, meeting some time ago as colleagues at the international logistics company, Kuehne + Nagel. Keen to relocate to Devon from the home counties and run a business of their own, Anthony and Peter saw that STR Logistics was a sound business with plenty of potential and contacted Ignition for advice on how to raise finance for the purchase.

Ignition identified that the company was rich in assets, with a modern fleet of 70 vehicles that were mostly owned. By arranging the refinancing of these vehicles, a significant amount of capital was released.  In addition, an Invoice Finance package was put in place in conjunction with Paragon Bank, to help regulate cash flow. Whenever STR Logistics raises a substantial invoice, it receives 85% of the value in funds within just 36 hours, rather than waiting for the standard four to six weeks for payment to come through. Then once the customer pays in full, STR receives the remaining balance, minus an agreed fee.

Peter Adams comments: 

“We were really fortunate to have Ignition’s support throughout the acquisition process.  As well as being local to the region, Ignition had an existing relationship with the previous owner having assisted them with asset finance in the past, and also came recommended by a trusted business contact, so we knew we were in good hands.  The finance package they put together for us works really well for everyone involved and has ensured we have the funds we need to further invest in and expand the business.”

The future certainly looks bright for STR, with the national logistics sector booming in the fall out of the Covid 19 crisis, as Anthony Quinn explains:

“The logistics and deliveries sector was already enjoying significant growth, but has experienced a substantial boost since Covid 19.  Online sales are soaring, and retailers have re-evaluated their supply chains in an effort to make them shorter and therefore more resilient to the effects of the global pandemic.  STR is ideally placed to offer a workable solution, and as a company operating solely within the UK, we won’t be faced with any of the cross-border challenges emerging as a result of Brexit.”

Anthony and Peter see an opportunity to expand STR’s core region, offering a ‘Gateway to the South West’ to include Gloucestershire, Bristol and South Wales as well as the original heartland of Devon and Cornwall.  They have taken on all 102 existing staff and plan to double the size of the business within 5 years.   

Paul Caunter, Managing Director at Ignition comments:

“This was a complex acquisition which required a bespoke finance package to ensure a smooth transition.  Thankfully we were able to find a combination of solutions to suit the specific circumstances, to the benefit of everyone involved.  I have no doubt STR Logistics will continue to thrive under Ant and Peter’s leadership and look forward to seeing their plans come to fruition.”

(l-r) Peter Adams and Ant Quinn take the keys to the business from former owner Steven Richardson

Filed Under: News

Can we help?

If you require assistance or further information call one of our expert advisers on 01872 272900 or 0330 010 4282.

You can also request a quote online, or use our simple vehicle finance calculator.

Finance Products & Services

  • Asset Refinance
  • Finance Lease
  • Hire Agreement
  • Structured Payments
  • PCP (Personal Contract Purchase)
  • Hire/Lease Purchase
  • Contract Hire
  • Operating Lease
  • VAT Deferrals
  • Corporation Tax Loans
  • Invoice Finance
  • Commercial Loans
  • Loan and Chattel Mortgage

Our Products & Services

  • Asset Refinance
  • Finance Lease
  • Hire Agreement
  • Structured Payments
  • PCP (Personal Contract Purchase)
  • Hire/Lease Purchase
  • Contract Hire
  • Operating Lease
  • VAT Deferrals
  • Corporation Tax Loans
  • Invoice Finance
  • Commercial Loans
  • Loan and Chattel Mortgage

Get a Quote Today

  • Get a Quick Quote
  • Personal Quote Application
  • Business Quote Application

What We Finance

  • Car Finance
  • Prestige Car Finance
  • Classic Car Finance
  • Motorsport Finance
  • Vans & LCV Finance
  • Haulage & HGV Finance
  • Bus & Coach Finance
  • Horsebox & Trailer Finance
  • Agricultural Asset Finance
  • Renewable Energy Finance
  • Construction Finance
  • Engineering Finance
  • Technology Asset Finance
  • Refurbishment & Fit-Out Finance
  • Catering Finance

About Ignition Credit

Registered Office
Sterling House,
Green Court,
Truro Business Park,
Threemilestone,
Cornwall,
TR4 9LF

Phone
01872 272900
0330 010 4282

Office Hours
Monday—Friday: 9:00AM–5:15PM

  • Facebook
  • LinkedIn
  • Twitter
  • About Us
  • FAQs
  • Vehicle Finance Calculator
  • Get Quote
  • Request a Settlement

Copyright © 2022 Ignition Credit. All Rights Reserved
E&OE Company Registration Number: 4315993 | VAT Registration Number: 864 5933 85 | Authorised and regulated by the Financial Conduct Authority FRN 679018
IGNITION CREDIT PLC IS AN AUTHORISED CREDIT BROKER AND LENDER I Registered Office: Sterling House, Green Court, Truro Business Park, Threemilestone, Truro, Cornwall, TR4 9LF

Privacy & Cookie Policy | Terms & Conditions· Web Design by Netmatters

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT