Contract hire, leasing and fleet management provider Ogilvie Fleet has received a funding facility from HSBC which it says will enable it to fund almost £100m worth of vehicles.

The finance package is a combination of rental securitisation and core asset funding, and was designed and arranged by HSBC’s Asset Backed Finance Team, Equipment Finance team and Scottish Corporate team.

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The agreement is for a two-year rolling finance facility, due to be renewed every 12 months.

Ogilvie currently operates a fleet of over 11,000 cars and vans, and the finance arrangement will enable it to double this by 2020.

Gordon Stephen, managing director, Ogilvie Fleet, said: "The finance package underpins our confidence to grow the fleet. While our focus is on organic growth, if an acquisition was possible we would not rule it out."

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