Business Direct Group PLC

Business Direct Group PLC

March 27, 2006 06:06 ET

Business Direct Group plc Secures Pounds Sterling 4.5 Million Banking Facility

LONDON, UNITED KINGDOM--(CCNMatthews - March 27, 2006) - Business Direct Group (AIM:BDG), the specialist provider of logistic solutions to the field services engineer market and developer of the ParcelXchange intelligent locker distribution system, has secured a new Pounds Sterling 4.5 million banking facility through Bank of Scotland of which Pounds Sterling 2.9 million has been drawn down.

The funds will provide additional working capital for the Company as it continues to grow. The funds will also be used to roll out further ParcelXchanges to meet existing demand.

Tim Houstoun, Chief Executive, said: "We are very pleased to have secured significant additional facilities to fund our continued growth as a full service logistics provider to the field service engineer market."

For further information:

Business Direct Group PLC
Tim Houstoun, Chief Executive Officer Tel: +44 (0) 178 882 1200

Media enquiries:

Abchurch Tel: +44 (0) 20 7398 7700
Ariane Comstive / Dana Thomas

Notes to editors

Business Direct designs, develops and deploys ParcelXchange™ lockers which provide a secure deposit and collection environment for business-to-business deliveries. The intelligent locker system utilises ATM and track and trace technology to ensure security and customer transparency. Thus far, Business Direct has installed 289 ParcelXchanges™, largely at petrol stations and industrial estates. This equates to roughly 4,000 individual lockers in operation around the UK.

Founded in 1993 as a courier service provider, the Company evolved into a night-time product distributor to field engineers' vehicles and customer warehouses. The recognition of an opportunity in the market to develop and deliver intelligent outdoor locker systems to deal with the problems associated with timely delivery of parts to field engineers initiated the development of their intelligent locker distribution system, ParcelXchange™ in 2002.

Business Direct's ParcelXchange™ services key customers including Siemens, TNT, and Exel. These customers rent the use of lockers within these ParcelXchanges™ for a fixed period, in some instances for up to two years, and pay a fixed weekly charge per locker.

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