Plantforce has secured a £60m funding loan to invest in its hire fleet over the next two years.
The asset backed loan (ABL) deal was funded by a club structure between Natwest Bank and Wells Fargo Capital Finance, and will facilitate Plantforce's growth strategy and enhance its commitment to offering customers the latest tech solutions and reliable equipment.
Founded in 1999, the company now operates from seven depots, in Bristol, Exeter, Bridgwater, Birmingham, Liskeard, Stone and a recent expansion into the North West with a new location in Greater Manchester. The company has also been awarded tier-1 supplier status on the two largest construction projects in the UK - namely, Hinkley Point-C and HS2.
“We are set for a record year in FY24, and this ABL facility secures the funding to continue our strategic growth of Plantforce, allowing us to maintain our momentum in the coming years," explained Plantforce CEO, Samuel Mercer. "By listening to our customers' requirements for us to provide a digitised fleet and innovate product lines whilst maintaining a fuel-efficient focus on procurement decisions and adding new services such as heavy haulage, we are confident that with this funding, we will achieve our growth targets.”
The deal follows BGF's investments in Plantforce in 2018, which also played a crucial role in securing this latest funding facility. Bristol-based law firm TLT Solicitors also played a pivotal role in completing the deal.
