Logistics firm DF Services has been bought by Midlands-based HLD Group, a company which acquires manufacturing and industrial businesses with revenues around £10m.

The Queenborough-based company has grown to own more than 50 vehicles, having begun with just one in 1990.

The company has a turnover of about £6m, which HLD aims to grow to more than £10m.

The deal was financed by challenger bank Aldermore, which has provided a HLD with a lump sum, finances to ensure steady cashflow and money to buy new vehicles.

HLD Group chief executive Demis Ohandjanian said: “One of the key selling points of DF Services is that in addition to running its own fleet, the company also operates its own workshop facility.

“Other providers of its size do not – this really sets them apart from the competition and it is an exciting acquisition for us.

“Their expert knowledge has given us real assurance when completing the deal.”

Aldermore associate director Peter Raybould said: “Our invoice and asset finance teams worked closely with HLD Group to fund the acquisition of DF Services.

“We are delighted that our input has allowed this small business to grow as we are committed to supporting SMEs in this regard right across the UK.

“We are already looking forward to helping out HLD with their next deal.”

Since forming in 2009, Aldermore has lent over £1.7 billion to UK SMEs.