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Tanvic Group: the tyre supplier keeping Brits on the road
Tanvic Group has grown from a single depot in Newark to become one of the UK's largest independent automotive aftermarket suppliers and relies on Lloyds’ Connected platform to purchase US dollars each month to enable it to buy and import stock for its multi-million-pound tyre inventory.
Read time: 5 mins Added: 12/08/26
On a roll
Tanvic was founded in 1970 as a method to service its own growing fleet of trucks for the existing grain merchant business and has now evolved into a £75 million turnover operation with 20 branches spanning the Midlands, East Anglia and South Yorkshire with 275 employees.
Steve McCracken joined Tanvic 25 years ago as Finance Director when the company had just seven branches, a turnover of £10 million and a net profit of just 2% of sales, a key objective Steve was brought in to improve. Within two years, the qualified accountant had become Managing Director, and he has since overseen the company's transformation into a major force in the UK tyre market with net profitability now routinely in excess of 10% of sales.
In 2019, Steve led a management buy-out of the business, supported by an £11 million facility from Lloyds. Such was Tanvic's performance that Steve repaid the loan within three years; half the original agreed term.
Today, two thirds of Tanvic's turnover comes from its wholesale operation, with teams delivering tyres from four strategically located warehouses to independent garages and major motor dealerships multiple times a day.
Steve McCracken Managing Director, Tanvic GroupLloyds has consistently supported us. In the early days, when we didn’t have the cash reserves we have now, we had a number of loans to buy new premises. We're still open to new opportunities, but they must represent value for money and not detract from us maintaining the highest standards of service, and we won’t do anything that might compromise that.
A family business built on global trade
The business is a founding member of Grouptyre, the UK's largest independent tyre wholesaler, which enables it to supply national customers, and has continued to grow, both organically and through acquisition, at a rate of around 8% a year.
The relationship with Lloyds stretches back more than two decades and encompasses the full range of the company's banking needs.
Cardnet payment terminals operate across all 20 branches, while corporate charge cards support directors and senior staff working in the field. But it is Lloyds' Connected FX platform that Steve uses most actively, to manage the currency exposure that comes with sourcing tyres internationally.
With tyre manufacturing having largely moved overseas, Tanvic now sources around two-thirds of its stock from the Asia-Pacific region, paying suppliers in US dollars. Steve typically maintains around three months of dollar cover that he can draw down as invoices fall due.
To support this, Steve uses Lloyds’ Connected platform to monitor upcoming USD requirements, secure currency in advance and manage supplier payments as they fall due. Having visibility of exposures and cash flow in one place allows Tanvic to plan inventory purchases with greater certainty, improve visibility of future FX needs and respond more confidently to market volatility.
Recent disruption to global supply chains presents ongoing challenges, adding weeks to delivery times. In response, Tanvic holds a large inventory of stock, to help ensure continuity of supply for its customers.
Steve McCracken Managing Director, Tanvic GroupWe hold an inventory of up to 250,000 tyres at any given time, ready for dispatch, which represents about three months’ stock. We have an open credit arrangement with our suppliers where we pay a small deposit upfront and the rest on arrival in the UK. The Connected platform is simple and easy to use. It's recently been updated to provide more detail and it just works.
Connected is a secure, easy-to-use platform for managing foreign exchange and cash flow in one place. With live pricing across Spot, Forwards and Time Options, Tanvic can secure USD cover in advance and draw down funds as invoices fall due. Integration with accounting systems provides visibility of upcoming payments and currency exposures, supporting more accurate cashflow forecasting and reducing reliance on manual processes.
Fit for the future
The business continues to grow, and additional warehousing planned for later in the year will expand capacity in one of the company's fastest-growing regions, while investments in sustainability has seen solar panels installed across much of the group property portfolio, energy efficient heating and electric vehicles for the business development team.
Tanvic remains a family business at its heart, with Steve's wife Victoria and son Tom now involved in the operation. And the remaining grain stores in Newark where the company began still serve a purpose today, now filled with tyres rather than wheat.
Oliver Whitehurst Relationship Director, LloydsTanvic's growth over the past 25 years is testament to Steve's leadership and the team's commitment to service. Their ability to manage currency exposure effectively while scaling the business demonstrates exactly the kind of commercial discipline we value in our long-standing relationships. We're proud to support Tanvic’s continued expansion.
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