Asset Alliance Group has almost doubled its asset-based lending (ABL) facility to £145m, after extending its existing funding and securing backing from two more banks.
The two-time Commercial Motor Awards winner (with managing director Willie Paterson pictured) first obtained a £75m revolving ABL deal in 2016, led by NatWest and supported by HSBC.
It has now extended that credit facility even further, and secured fresh backing from Clydesdale Bank and Shawbrook Bank, taking its total fund to £145m.
Douglas McArthur, chief financial officer at Asset Alliance Group, said: “We have always had ambitious growth plans and by extending this fund so significantly we are able to buy more assets and serve more customers than ever before.
“The original deal in 2016 allowed us to really accelerate our growth plans. This new investment will allow us to go up another gear.
“Having support from four different banks, at the level we have secured, demonstrates the confidence there is in our business,” said McArthur. “We are now exploring opportunities with the banks to develop the funding even further.”
Successfully doubling the size of its facility in two years speaks volumes for the high regard in which the business and management are held, said Emily Makinson, head of NatWest Asset Based Lending, South and Midlands.
Asset Alliance Group trades through its brands Asset Alliance, ATE Truck and Trailer Sales, Forest Asset Finance and Total Reefer.
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