Addleshaw Goddard's Manchester Asset Based Lending team has advised Speedy Hire Plc, the UK's leading tools, equipment and plant hire services company, on the amendment and extension of its existing bank facilities.
The £180m asset based lending facility, which was due to mature in September 2019, has been extended by a further 3 years to October 2022. The facility is split equally amongst a five-strong banking syndicate, comprising Royal Bank of Scotland, Bank of America Merrill Lynch, Barclays, HSBC and Wells Fargo. The company provides specialist power, survey and lifting solutions, as well as professional training and support services, across the construction, infrastructure, industrial, and manufacturing sectors, and has one of the largest hire fleets in the industry, with over 200 depots positioned across the UK and Ireland.
Commenting on the deal, Simon Prendergast said: "We were delighted to have the opportunity to work with Speedy Hire to achieve a successful outcome to this process, securing committed ABL facilities for a further 3 years which will support the Group's growth strategy over this period. This is the latest in a succession of syndicated ABL facilities we have advised on in 2017, illustrating the extent to which asset based lending is increasingly being viewed as an attractive funding option for mid cap companies."