Lloyds Case Study - Indigo Software
Durham-based company Indigo Software has purchased its own premises with the support of Lloyds Bank Commercial Banking and is launching a new product as part of its ongoing growth plans.
The business has been based in the 10,000 sq ft building on the Belmont Business Park in Durham for over ten years. When the premises came up for sale earlier in the year the company decided to purchase it to secure its location in Durham for the long-term.
The purchase formed part of Indigo Software’s ongoing growth strategy, a key part of which is the launch of its successful warehouse management software - Indigo WMS - into the wider IBM i market. Its current software package is used to track stock levels in warehouses in real-time by a wide range of companies. The business, which has been trading for 34 years, currently employs 31 members of staff.
In order to fund the purchase of the building, the company approached Lloyds Bank Commercial Banking, which provided the £400,000 loan under the Government-backed Funding for Lending Scheme (FLS), as well as arranging a revolving credit facility through Lloyds Bank Commercial Finance to support its future growth plans.
Peter McLane, Managing Director of Indigo Software, said: “When the building unexpectedly came up for sale it provided us with a great opportunity to both secure our long-term position in the region and to provide some extra revenue to the business by letting out the extra floor.
“Our new software was developed in response to the changing needs of the marketplace, and can be used by customers to paperlessly track huge volumes of stock globally, and on a much wider variety of ERPs. As part of our plan to keep growing, we’re also continuing to develop new products to help keep us ahead of the competition.
Bill Ginn, Finance Director of Indigo Software, said: “The finance package provided by Lloyds Bank Commercial Banking was the best of any bank we’d approached and the support from our Relationship Manager has been immensely useful right from day one.”
Nic Franklin, Relationship Manager for Lloyds Bank Commercial Banking, said: “These latest developments are great news for Indigo Software, which is a superb business that has shown that there are still opportunities to grow a company even in challenging economic conditions.
“We’ve worked closely with Indigo Software to offer funding packages tailored to their specific needs and to ensure that the company has had access to the support it needs for this and future opportunities.