Asset Alliance Group has secured a £20m investment from Allied Irish Bank (GB), taking the total funding in the firm to £175m.

The company first obtained a £75m revolving asset-based lending deal in 2016, led by NatWest and supported by HSBC. Further funds were awarded by the Clydesdale Bank and Shawbrook Bank in 2018.

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Douglas McArthur, Asset Alliance Group’s chief financial officer, said: “We are fortunate to be in a virtuous cycle – as our customer base has grown, our reputation in the commercial vehicle market has strengthened and that is reflected in the confidence we have received from the banks.

“This extension of our fund is important as it allows to expand our offering even further, meaning we can serve even more businesses across the UK.”

News of the investment comes as the group announces its annual turnover figure rose to £71.5m in 2018 – a year-on-year increase of almost 50% compared to its 2017 figure of £47.9m.

McArthur added: “We are an ambitious business, with real commitment to meeting our targets and growing our presence and vehicle portfolio. It’s not easy work, but we have a focused and hardworking team which makes it all achievable. The support shown to us by our customers and the banks is instrumental in helping deliver the strong growth to date in our business.”

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Asset Alliance Group added assets worth £78 million to its leasing fleet in 2018 and now manages 4,600 vehicles in total.

Last month, Asset Alliance Group delivered a fleet of 56 new tractor units to Cross Transport, for operation on its contract with e-commerce business Amazon. The full-service contract hire deal, valued at approximately £4.5m, sees the supply of a fleet of DAF XF tractors with Super Space Cabs, replacing older assets.

Dean Cross, managing director at Cross Transport, said: “This is a substantial order for a key part of our business, and we’re very pleased to have Asset Alliance Group’s support.

“In the time we’ve worked together, they’ve shown they understand our business needs perfectly. Initially, the Amazon contract required a bigger fleet, and Asset Alliance Group came through and delivered.”