A growing plant and tool hire business, with locations in the west of Scotland, is eyeing expansion into northern England after agreeing a significant refinancing deal.
Hire and Supplies Ltd, which was founded in 2014 and now has 40 employees, has secured a £2.52m asset refinance, facilitated by Greater Manchester-based PMD Business Finance and financed by Praetura Asset Finance.
The transaction has enabled the company to refinance more than 250 assets across 160 hire purchase agreements, significantly reducing its monthly debt commitments and enabling the business to focus on its long-term growth strategy.
“This refinancing deal frees up significant cash that we will use to grow the business, specifically opening a bricks and mortar centre in Cumbria where our sales have been steadily growing in recent years," explained Hire and Supplies Director David Chandler - pictured centre, with the Hire and Supplies team.
“The plant hire sector in Cumbria has seen some upheaval with some competitors leaving or scaling back in the region. We believe there is a gap in the market for a firm like ours, particularly as the economic conditions will lead more businesses to hire in equipment than to buy it.
“Our business model is based on providing a true one-stop shop as we stock everything that’s on our website, rather than sourcing from other suppliers. We aim to give people what they want with the service level they expect.”
“We’re delighted to have been able to support a fantastic business and management team with this asset refinancing transaction, ensuring Hire and Supplies executes its exciting growth plans which will create new job opportunities in Cumbria,” added PMD Structured Finance Director, Kai Wynne-Jones.
“This was a complex deal with many moving parts, but one that showcases the support that asset refinance can offer businesses. In this case, it provided significant additional working capital and reduced monthly finance commitments, to support Hire and Supplies growth into new territories," continued Praetura Asset Finance Regional Sales Director Will Brazel.
“The primary challenge here lay in the sheer number of agreements which required settlement. It’s a strong example of how close collaboration between the funder, the business and their broker, PMD Business Finance, can drive swift execution and delivery – funding was completed across three tranches in five working days.”
“We’re incredibly thankful to PMD Business Finance who were able to move quickly and use their connections to provide us with this significant refinancing deal in a tight timeframe, and importantly one that was tailored to our specific needs,” concluded David.
On that, watch this space for further developments....
https://www.hireandsupplies.com/
