Remarketing firm SMA has switched all of its banking facilities to Lloyds Bank in a move that sees it consolidate its two trading businesses into one larger group.

The ¬£13.8 million funding package sees the bank provide a new term and revolving credit facility to SMA, which is intended to create a “a stronger balance sheet and simplified structure”.

David Seabridge, group financial director of SMA Vehicle Remarketing, said: “It makes sense for us to move to a single banking relationship, consolidating the facilities for all parts of the business.

“We were hugely impressed by the sector expertise of the Lloyds Bank team and the support they continue to provide the business. We look forward to¬†benefitting from the team’s in-depth knowledge going forward.”