Stressed Toll Group – dismal in forwarding, barely adequate in logistics
And a bit about the new TGE
Team Global Express (formerly Toll Global Express) has signed a A$250 million loan facility with the Commonwealth Bank of Australia (CBA) as part of an agreement to refinance its business. The funding will underpin Global Express’ business transformation and provide additional liquidity to support further investment into the business and fund its growth plans.
Global Express’ goal is to be the most sustainable national logistics solutions partner, as demands for national deliveries continue to accelerate and the business leans into the changing demands of consumers, e-commerce trends and emissions reductions targets.
Today’s announcement will support Global Express’ investments to support growth and further improve reach into key regional and rural areas.
Team Global Express CEO Christine Holgate said:
“Today’s announcement is reflective of the strong momentum of the Team Global Express business since it was acquired by Allegro only 12 months ago. In our first year we have achieved 16% revenue growth, invested in the business, and improved our profitability. We have more work to do, but our results combined with our new agreement with CBA, underpin a stronger future for our Group.
“I want to thank the Commonwealth Bank team, particularly Andrew Hinchliff (CBA’s Group Executive, Institutional Banking and Markets) for working with the Global Express Team to make this agreement possible.
“As we continue to simplify, transform and grow the Team Global Express business, we are pleased with our progress achieved by putting the focus back on our people and customers.
CBA’s Group Executive, Institutional Banking and Markets, Andrew Hinchliff said: “Team Global Express’ momentum and strategic direction position it well to meet the strong demand for sustainable solutions across Australia’s transport system. We’re pleased to support TGE’s continued transformation through the provision of this loan facility, which demonstrates CBA’s structuring capability and supply chains expertise.
“We look forward to continuing to work closely with Christine and the TGE management team as they further invest in the business, and in a range of exciting new sustainability initiatives. Supporting Australia’s transition to a brighter, more sustainable future is a strategic priority for CBA, and it aligns well with the goals of TGE.”