A winning partnership Lloyds Bank

Over the last 10 years of trading, Exol Lubricants had managed the import of base oil from Europe through letters of credit.

Faced with huge fluctuations in pricing over the past four years, Exol required an enhanced, responsive and more flexible solution.

Flexible, bespoke solution
“When Exol needed to take advantage of falling prices to secure cargoes before prices rose, it was time for us to negotiate an increased and more flexible solution,” explains Steve Palmer, Trade Finance Director at Lloyds Bank.

This solution was a £10million bespoke trade finance facility operating across letters of credit and an import loan solution.

Responding to business needs
“It allows us to respond to changes in the market much more quickly,” remarks Steve Everitt, Managing Director at Exol Lubricants. “We can commit to a cargo of oil knowing that funding is in place. It safeguards our working capital and allows us to remain competitive.”

Scott Donaldson, Financial Director at Exol, is particularly impressed with the Bank’s speed of response: “There are times where we purchase shipments where deals are on the table for a limited amount of time, or letters of credit need to be turned around quickly,” he says. “We know that Steve and the Lloyds Bank team can deliver.”

Securing the supply chain
“The new facilities provided by Lloyds Bank – to securely fund our supply chain and to update our Wednesbury site – have created a platform for us to continue our program of organic growth,” concludes Steve Everitt.