Asset Alliance Group, the commercial vehicle specialists, has almost doubled its Asset Based Lending (ABL) facility to £145 million, after expanding its existing funding and securing backing from two more banks.
The first funding was secured in 2016 as a £75 million revolving ABL deal led by NatWest and supported by HSBC. Now, it has extended that credit facility even further and, combined with fresh backing from Clydesdale Bank and Shawbrook Bank, its total fund stands at £145 million.
“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,” said Asset Alliance Group’s Chief Financial Officer, Douglas McArthur. “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. Asset Alliance Group is developing as a major player in the UK market and we have the ability and infrastructure to grow and meet demand. We are now exploring opportunities with the banks to develop the funding even further,” he added.
Asset Alliance Group manages more than 4,000 vehicles, having been hailed for its unique approach to purchasing, refinancing and producing vehicles and trailers for its clients across its different and complementary business.
“The Asset Alliance Group continues to grow from strength to strength, expanding its high-quality customer and asset base in a very competitive market place, and we are delighted to continue our support as it enters the next stage of its journey. Successfully doubling the size of its facility in two years speaks volumes for the high regard that the business and management are held in,” commented Emily Makinson, Head of NatWest Asset Based Lending, South and Midlands.
Based in Wolverhampton, with depots in Ringwood, Hampshire and Newmains in Scotland, Asset Alliance Group is renowned for its flexibility in tailoring multi-brand commercial vehicles and contracts to suit individual customer requirements.