Plantforce secure £60 million ABL facility
Asset-backed lending facility secured to fund Bristol-based plant hire supplier’s continued growth
Bristol-based plant hire supplier Plantforce has secured a £60 million funding line from their existing banks to invest in their hire fleet over the next two years. The deal, funded by a club structure between NatWest Bank and Wells Fargo Capital Finance, will facilitate Plantforce’s growth strategy and enhance their commitment to offering customers the latest technology solutions and reliable equipment.
Founded in 1999, Plantforce operate from seven depots in Bristol, Exeter, Bridgwater, Birmingham, Liskeard, Stone, and a recent expansion into the North West with a new location in Greater Manchester. The company has one of the most modern and diverse ranges of construction equipment in England, comprising more than 2,000 assets.
With one of the widest ranges of technology, equipment, and service solutions in the market, Plantforce have built a reputation for delivering industry-leading innovation. This has seen them awarded Tier1 supplier status on the two largest construction projects in the UK, Hinkley Point-C and HS2, an achievement held by no other supplier in the plant hire sector.
Jamie Simons, UK financing solutions director with lead partner NatWest Bank, said: ‘With the market share growth Plantforce have delivered, their contribution to key UK infrastructure products, and the robust structure of their business that their diverse service offering provides, NatWest are very pleased to have renewed our support for this ABL facility alongside our partners at Wells Fargo Capital Finance. One of the key benefits of this facility is the flexibility and agility Plantforce will have to secure and dispose of assets secured using this funding.’
Plantforce have achieved substantial growth by working in partnership with their supply chain to deliver cutting-edge industry innovation. They have also driven a procurement strategy that has seen carbon reduction at the heart of their buying decisions to meet their ongoing environmental strategy and customer demand. The new ABL facility will be utilized in line with this strategy to further cement the company’s unique position in the market for customers looking for a reliable yet innovative service partner.
Plantforce’s new chief executive officer, Samuel Mercer, said: ‘We are set for a record year in FY24, and this ABL facility secures the funding to continue our strategic growth of Plantforce, allowing us to maintain our momentum in the coming years. By listening to our customers’ requirements for us to provide a digitized fleet and innovate product lines whilst maintaining a fuel-efficient focus on procurement decisions and adding new services such as heavy haulage, we are confident that with this funding, we will achieve our growth targets.’
Plantforce chief financial officer Charles Murphy added: ‘We are very pleased to have the renewal of the ABL facility completed with the support of NatWest and Wells Fargo Capital Finance. It’s an important milestone that recognizes the strong current trading and sets us up for the future. I look forward to working with Sam in his new CEO role to deliver on his plans for the business.’
