A TRANSPORT firm which has defied the recession by emerging as a stronger business has hit out at banks for their lack of support during the financial crisis, forcing the company to sell assets to bankroll its survival and growth.

Nicholson’s Transport picked up new customers and significant orders during the recession, bucking the trend in the logistics sector which saw many firms go out of business, but was denied bank funding to help with its restructure.

The Billingham-based business had to sell property on its site and lease it back to complete the reorganisation, which the company said has helped it emerge from the recession significantly stronger.

Dave Nicholson, who founded the firm in 1989 and employs 50 people, hit out at the banks for their lack of support during an unprecedented time for British businesses and for casting doubts on the future of his business.

His comments echoed those of Chancellor George Osborne, who yesterday urged banks to lend more to small businesses, saying the Government would not tolerate banks piling the pressure on such firms, and that it was their obligation to increase lending.

Mr Nicholson said: “This business has been through three recessions, but this one was so different in that the banks just shut up shop – despite what their PR teams were saying.

“We had been planning to restructure since 2007 and needed funding to achieve that, but the banks were extremely reluctant to lend against property and certainly didn’t want to hear from logistics firms.

“We have delivered the restructure despite the banks saying we wouldn’t survive past last December.

“They didn’t want to understand our strategy for moving forward, but we have achieved that regardless and paid back all bank borrowings.

“The recession has had a devastating impact on the logistics sector, with many firms going under, but there was no way we were going to roll over. We have actually come out far stronger, with each of our companies independent and more client focused.”

Following the restructure, the Nicholson Group now comprises transport businesses on Teesside and in Doncaster, a specialist Hiab (lorry-mounted cranes) operation and storage firm Box Clever. It also recently set up Learning in Logistics Limited, to serve the training needs of the logistics sector.

Mr Nicholson said the situation he faced during the recession had helped teach him vital lessons.

“The main lesson we have learned is to not have too many financial eggs in one basket,” he said.

“In future, we won’t have a situation where we rely too much on one funder, or indeed rely on banks at all. Instead, we are spreading our risks and improving our relationships with different banks, and looking at alternative funding methods.”