UK-based office products group SpicersOfficeTeam is accelerating plans to broaden its portfolio and expand into new sectors after securing a £60m ($93.4 million) asset-based lending facility from Lloyds Bank.

Sam Owen, regional director at Lloyds Bank Commercial Finance, added: “SpicersOfficeTeam has a strong management team in place with a clear vision for the long-term success of the group. We have worked with the business for a number of years, and the flexibility of the funding facility we have provided delivers a solid platform for the business to grow.”

The group was formed in August 2014 when Spicers, a wholesaler of office equipment and furniture, joined with office service provider OfficeTeam.
SpicersOfficeTeam is backed by Better Capital.