Commercial vehicle specialists Asset Alliance Group has almost doubled its Asset Based Lending (ABL) facility to £145 million, after extending its existing funding as well as securing backing from two more banks.
The Group first obtained a £75m revolving ABL deal in 2016, led by NatWest and supported by HSBC.
It has now extended that credit facility even further, and combined with fresh backing from Clydesdale Bank and Shawbrook Bank, its total fund now stands at £145 million.
Asset Alliance Group’s Chief Financial Officer, Douglas McArthur, says: “We have always had ambitious growth plans and by extending this fund so significantly we are able to buy more assets and serve more customers than ever before.
“The original deal in 2016 allowed us to really accelerate our growth plans. This new investment will allow us to go up another gear.”
He adds: “Having support from four different banks, at the level we have secured, demonstrates the confidence there is in our business. Asset Alliance Group is developing as a major player in the UK market and we have the ability and infrastructure to grow and meet demand.
“We are now exploring opportunities with the banks to develop the funding even further.”
Head of NatWest Asset Based Lending, South and Midlands, Emily Makinson, says: “The Asset Alliance Group continues to grow from strength to strength, expanding its high-quality customer and asset base in a very competitive market place, and we are delighted to continue our support as it enters the next stage of its journey. Successfully doubling the size of its facility in two years speaks volumes for the high regard that the business and management are held in.”
Asset Alliance Group manages more than 4,000 vehicles, and has been hailed for its unique approach to purchasing, refinancing and procuring vehicles and trailers for its clients across its different and complementary businesses.
Based in Wolverhampton, with depots in Ringwood, Hampshire and Newmains in Scotland, Asset Alliance Group is renowned for its flexibility in tailoring multi-brand commercial vehicles and contracts to suit individual customer requirements.
Note to editors:
The Group occupies a unique position in the market, as it uses its own funds and significant buying power to supply multi-brand vehicles on any combination of contract hire, operating lease, finance lease or hire purchase. This flexibility, combined with a transparent and consultative approach, helps customers drive maximum efficiency from their fleets.
Asset Alliance Group also stands out for maintaining full control of residual risk through its retail arm ATE Truck and Trailer Sales, which protects customers from overly strict return conditions commonplace in the industry. Its modern workshop facilities also keep end-of-life costs to a minimum and provide the opportunity to refurbish vehicles in-house for an additional life in service.
The Group is headquartered in Wolverhampton and was founded in 2010 by Willie Paterson, former Director of Commercial Finance at Alliance & Leicester plc.
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