GE Capital has agreed to provide a £15 million (€16.6 million)
working capital facility for Scot Group, an independent vehicle
rental company.
The deal, a three-year £15 million revolving credit line, will
be used to fund anticipated growth at the Exeter-based company,
which owns the Thrifty Car & Van Rental and Dollar Rent a Car
UK franchise.
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“Scot Group is a performing business in an industry that has
struggled through the recession,” said Shaun Hyland, regional
director at GE Capital. “Other lenders have withdrawn from lending
to automotive companies, but we believe in supporting well-managed,
successful businesses regardless of the sector they operate
in.”
The deal was introduced to GE Capital by Grant Thornton in
Bristol.
“The journey into 2010 and beyond is now looking very exciting,”
said Peter Granados, financial director at Scot Group. “We
have a number of major corporate customers together with an ever
increasing share in our retail markets and, with the funding
package from GE Capital, which replaces our existing overdraft and
offers additional term debt, we are able to further grow the
company.”
With a fleet of around 12,000 vehicles, Scot Group is the UK’s
fifth largest operator in the market.
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By GlobalDataJason T Hesse
