GE Capital, one of Europe’s leading providers of asset based lending, today announced that it has provided Speedy Hire PLC with financing facilities of £44million as part of a club of six banks. The total facility of £220 million will enable Speedy Hire to invest in its growth strategy and enhance its plant and machinery fleet and international operations.
Merseyside-based Speedy Hire is the leading UK provider of equipment rental and support services to a wide range of clients across the construction, infrastructure, industrial, manufacturing and facilities management sectors – as well as to local trade and industry.
Speedy Hire’s growth plans include increasing its UK market share by developing stronger relationships with major contractors and industrials and targeting new business from the recycling, energy, transport and water sectors. Internationally their ultimate vision is to support their customers on any major oil and gas or infrastructure project anywhere in the world. Future plans include changing the format of their UK depots to multi service centres, superstores and express depots.
Steve Corcoran, Chief Executive of Speedy Hire said "We were eager for GE Capital to take a leading role in this club financing – we appreciate their depth of expertise in asset based lending, the rigour of their approach and their understanding of the plant & machinery and equipment rental sectors. We are looking forward to the flexibility and long term growth possibilities that this funding will bring us."
Stephan Caron, Commercial Director of GE Capital in the UK commented "It was clear from the start of our relationship with Speedy Hire that asset based lending would be a great fit for the business. This transaction leverages our expertise and experience in the sector and further demonstrates our objective and growth plans to increase our presence throughout the UK and Europe."
The GE team was led by Alex Bryant, Director, Corporate Structured Finance and Pierre Vinci, Associate Director, Corporate Structured Finance