Commercial vehicle contract hire, finance and sales company Asset Alliance Group has secured a £75m revolving asset based lending deal from RBS and supported by HSBC.
Asset Alliance Group said it would use the new deal to push for growth and potential future acquisitions.
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The company operates by using its own funds and buying power to supply multi-brand assets on any combination of contract hire, operating lease, finance lease or hire purchase.
Willie Paterson, Asset Alliance Group chief executive officer, said: "An initial panel of more than 12 banks competed to secure our business, and the winning pairing of Royal Bank of Scotland and HSBC – as two of the largest – demonstrates the robust, reliable and fit-for-purpose nature of our business model – and the financial stability our customers can expect."
"The package uniquely strengthens and supports all areas of the Group’s businesses, underpinning our operations in the form of both increased stock of new and used assets to be sold and rented, and a stronger financial offering for customers needing a larger volume of assets.
"Also, the funding facility allows the Group to operate with increased efficiency, meaning faster quotations for our customers – and vehicles on the road quicker."
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By GlobalDataThe ABL facility is structured against Asset Alliance Group’s portfolio of vehicle assets. EY’s Manchester-based Capital & Debt Advisory team, led by Jashen Josson, supported the transaction throughout the process.
