Secure Trust Bank (STB) has provided financing for £13.5m (€15m) to Go Plant Fleet Services, a rental and leasing provider of heavy duty vehicles.
The financing includes receivables and plant & machinery facilities. The deal replaces an existing £4m working capital facility.
Go Plant Fleet Services was formed last year in a merger between Essential Fleet Services and Go Plant, backed by private equity firm Endless.
The company provides machines such as sweepers, tankers and refuse collection trucks to clients including municipalities. Go Plant says its sales exceed £70m annually, and counts 38 depots across the UK.
The company has acquired a number of smaller businesses recently, and expanded its footprint to most of England as well as Wales. It is now looking to further acquisitions, as well as investment in IT infrastructure.
Mark Gallimore, commercial director at Go Plant, said: “The senior management team is committed to developing a business of quality and scale that will act as a ‘one stop shop’ for the hire of specialist commercial vehicles and associated fleet management services, and we’re excited by the growth prospects available across our core markets.
“In order to achieve management’s strategic goals, Go Plant required a facility that would help it expand into new regions to develop national coverage. Secure Trust Bank has worked hard to deliver a bespoke funding solution to support this, and we look forward to continuing success.”
Sean Powell, national sales director at STB, said: “The specialist vehicle fleet management market is highly fragmented and under professionalised, which presents both a challenge and an opportunity to ambitious companies. With this new line of funding, Go Plant is in a position where it can capitalise on this and look at making strategic acquisitions to bolster its influence, which will potentially increase its range of services into new markets.
“The management team at Go Plant have set their target to increase turnover by 35 per cent by 2020, and with our support, we are confident that the business can continue to expand both organically and through acquisitions.”