View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. Uncategorized
January 8, 2010updated 12 Apr 2017 4:28pm

GE Capital provides £15m to vehicle rental company

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.

By Jason T

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.

“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 “Other lenders have withdrawn from lending to automotive companies, but we believe in supporting well-managed, successful businesses regardless of the sector they operate in.”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.

Jason T Hesse

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Thursday. The leasing industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Leasing Life