Aldermore Bank supports Select Plant Hire with £2.9m asset finance facility

UK-based Aldermore Bank has strengthened its partnership with Select Plant Hire by providing £2.9m ($3.67m) in asset finance for modular accommodation, which will support the TransPennine Rail upgrade between Leeds and Manchester.

The government-backed project aims to enhance connectivity and economic growth in northern England. 

Since December 2023, Aldermore has supported Select by financing a range of construction assets, including crawler cranes, scissor lifts, tower cranes, battery units, and mast sections.

This additional funding for modular units positions Select as one of Aldermore’s key corporate customers, with further business opportunities anticipated, the lender said.

With more than 30 years of experience, Select supplies equipment and services to the construction industry. 

Aldermore’s asset-based lending (ABL) facility is designed to provide small and medium-sized enterprises (SMEs) with access to funding by unlocking the value of existing assets, such as debtors, machinery, and property.  

This funding allows businesses to expand and continue their operations. 

Aldermore business development manager Jon Burrell said: “It has been a pleasure to support Select on this exciting project, which is set to deliver significant improvements to the region’s infrastructure.  

“At Aldermore, we pride ourselves on being a trusted funding partner, helping businesses like Select to innovate and grow. Their commitment to sustainability and excellence in the construction industry is truly inspiring, and we look forward to continuing to support their journey.” 

Select Plant Hire finance leader David Lane said: “Aldermore, once again, has proven to be an invaluable funding partner. Their expertise and flexibility have enabled us to provide vital support to the TransPennine Rail upgrade, one of the most significant infrastructure projects in the UK. We value their dedication and look forward to continuing to build a strong relationship as we work towards our science-based targets.” 

In December, Aldermore provided a multi-million-pound asset-based lending package to support the Astwood Group, led by Michael Capewell, in its acquisition of TD Cross, trading as Cross and Morse.