Financial programmes from LLoyds

Lloyds TSB is to offer finance programmes to aid equipment sales across the food manufacturing sector.

According to the bank, the vendor finance market is now less volatile and it is prepared to step into the shoes of the captive financiers - namely larger manufacturers that offer finance. This allows the company to concentrate on its prime objective of manufacture and sale. A specific goal of Lloyds TSB is to form relationships with established companies that are looking to extend equipment sales programmes in the UK food manufacturing marketplace.

"As competition intensifies, banks are often better placed than captives," said Charles Taverner, director and head of vendor finance at Lloyds TSB. "The captives don't have the same capacity to meet increased funding requirements and so have to work harder to keep up, in effect causing them to run a business within a business with all the associated labour and reporting costs. This is where we come in."

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