London-based bus operator, Tower Transit, part of SeaLink Travel Group, has secured an eight-figure funding package from Lombard’s Corporate Asset Finance team, with finance across ten years to support its continued ‘green’ growth agenda.
The funding package of £15m will be used to diversify Tower Transit’s fleet of buses, investing in 37 new electric buses to support key routes around London.
With a fleet of over 322 buses, Tower Transit operates some of the most popular bus routes in central London under contract to Transport for London. The business works closely with Transport for London and stakeholders to deliver safe, clean, and reliable services.
Since it was founded in 2013, the business has taken conscious steps to invest in the sustainability of its fleet. By continuing to electrify its vehicles, Tower Transit has taken a proactive approach in complying with the City of London’s 2030 clean emission targets.
Following the success of its environmental management system, which also looks to reduce waste and helps plan the efficient use of resource, the business obtained ISO 14001 certification.
Paul Cox, Chairman and Chief Financial Officer of Tower Transit, said “It has always been Tower Transit’s priority to deliver safe, clean and reliable bus services across London. Lombard’s funding package has helped us to fulfil those aims through the purchase of additional electric buses.
“Additionally, throughout the pandemic we’ve been able to continually run key commuter routes across the city, providing important continuity of service during a very tough year.”
Tom Bosson, Relationship Director at Lombard, said, “We have been able to work closely with Tower Transit in recent months to provide a funding package that meets the needs of the company and enables them to service the underlying TfL contracts with new, fully electric vehicles. We look forward to working with Tower Transit on the rollout of the new fleet in the coming weeks and seeing them fulfil its ‘green’ goals in the future.”